Expect Fuel Prices to Roll Back This Week!

Good news for motorists! Gasoline, Diesel, and Kerosene prices will be rolling back this week and will take a dive starting this Tuesday!

In the latest developments, several major players in the Philippine fuel industry are set to introduce a modest price reduction on Tuesday, November 7, 2023. 

Fuel Costs Easing Up on Tuesday, November 7, 2023 – Leading Oil Firms Announce Slight Rollback

Image source: SeaOil

According to official statements from Caltex, Cleanfuel, Pilipinas Shell, PetroGazz, PTT, and Seaoil, consumers can expect a P0.45 per liter decrease for gasoline. At the same time, diesel and kerosene prices are poised to drop by P1.10 per liter.

The timing for these adjustments varies among these companies, with Cleanfuel and Caltex initiating the changes right as the clock strikes 12:01 a.m. 

Meanwhile, PTT, Pilipinas Shell, PetroGazz, and Seaoil will follow suit, making the new rates effective from 6 a.m. onwards. 

Anticipate that additional oil companies will announce their updates early this week.

This minor rollback comes as a welcome relief for motorists in the Philippines, offering a slight reprieve for consumers amid fluctuating fuel prices.

According to the latest figures from the Department of Energy as of October 31, the ongoing oil price adjustments have led to a notable year-to-date surge of ₱14.20 per liter for gasoline, ₱10.45 per liter for diesel, and ₱5.04 per liter for kerosene.

As per the Oil Industry Management Bureau of the Department of Energy (DOE), this trend is attributed to an increase in crude production output by the Organization of the Petroleum Exporting Countries (OPEC) and a “deceleration in fuel demand growth due to the global economic slowdown.”

In the preceding week, diesel and kerosene prices observed a noteworthy dip, decreasing by P1.25 per liter and P1.20 per liter, respectively.

Conversely, the price of gasoline took an upward trajectory, increasing by P0.45 per liter.

To recap last week’s figures, diesel and kerosene saw substantial drops, while gasoline experienced a modest increase. According to DOE data, prevailing retail pump prices in Metro Manila ranged from P57.65 to P86.85 per liter.

Lately, fuel price changes have typically seen a seesaw pattern, with one type going up while the other goes down. However, there’s good news on the horizon for both gasoline and diesel users tomorrow. Prices for both will drop, with gasoline decreasing by PHP 0.45 per liter and diesel by PHP 1.10 per liter.

Breathe a Sigh of Relief

We can mark a victory in our ongoing “struggle” against fuel costs. Tomorrow, both gasoline and diesel users can breathe a sigh of relief.

Over the past six weeks, the fluctuating prices of fuel products have left everyone feeling the financial squeeze. Depending on your preferred fuel type, you might have experienced either a slight relief or the burden of higher costs as the new week approaches. However, here’s some much-needed good news on the horizon for all fuel consumers.

These price adjustments have been a real rollercoaster ride, impacting households and businesses alike. As we start a new week, it’s heartening to see that tomorrow’s adjustments are poised to bring a smile to the faces of all fuel users.