Fuel Prices to Drop Over P1 per Liter on Tuesday

In separate announcements, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. have all confirmed reductions in their fuel prices starting Tuesday, August 27. Prices per liter of gasoline will decrease by P1.15, diesel by P1.90, and kerosene by P1.80.

Other companies such as Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will apply similar reductions, excluding kerosene, which these firms do not offer. Cleanfuel will implement the price cuts earlier at 12:01 a.m. on Tuesday, while the other firms will follow at 6 a.m. the same day.

As of the time of this report, other fuel companies have not yet announced their price adjustments for the week.

The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) has projected a significant price rollback for this week, attributing the decrease to ceasefire talks in Gaza and the resumption of production at Libya’s Sharara Oilfield.

Last week, fuel companies increased prices by P1.00 per liter for gasoline, P1.20 for diesel, and P1.00 for kerosene. These adjustments brought the year-to-date net changes to an increase of P8.05 per liter for gasoline, P5.95 per liter for diesel, and a net decrease of P2.15 per liter for kerosene as of August 20, 2024. —KBK/AOL, GMA Integrated News