Major Pump Price Rollback Scheduled for Tuesday

Motorists can look forward to significant savings this week as petroleum companies announce a major rollback in pump prices, with diesel and kerosene prices set to drop by over P1 per liter.

In separate statements, Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. confirmed price reductions of P0.60 per liter for gasoline, P1.20 per liter for diesel, and P1.30 per liter for kerosene. Cleanfuel, Petro Gazz, PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same price cuts for gasoline and diesel, but they do not carry kerosene.

These adjustments will take effect at 6 a.m. on Tuesday, June 11, except for Cleanfuel, which will apply the changes starting at 12:01 a.m. the same day. Other firms have yet to announce their plans for the week.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) attributes the price reductions to concerns about weakening demand growth, high interest rates, and increased production in the United States.

Last week, firms reduced gasoline prices by P0.90 per liter, while diesel prices increased by P0.60 per liter and kerosene by P0.80 per liter. Year-to-date adjustments as of June 4, 2024, show a net increase of P6.65 per liter for gasoline and P5.45 per liter for diesel, with a net decrease of P0.25 per liter for kerosene.