By el Amigo
MANILA — Motorists can breathe a sigh of relief this week as oil companies have announced a rollback tomorrow (Tuesday, 13 Feb 2024) in pump prices following a string of five consecutive weeks of increases in gasoline and two in kerosene.
In separate statements, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. disclosed reductions of P0.60 per liter for gasoline, P0.10 for diesel, and P0.40 for kerosene.
Cleanfuel and Petro Gazz will implement similar adjustments, excluding kerosene from their changes.
These adjustments will come into effect at 6 a.m. on Tuesday (February 13), for all companies except Cleanfuel, which will apply them at 12:01 a.m. on the same day.
As of now, other companies have not yet made similar announcements.
The Department of Energy-Oil Industry Management Bureau’s projections, although slightly lower than expected, are in line with these adjustments. They attribute this to the accumulation of crude inventories due to increased production in the United States and slower growth in oil demand.
Last week, prices rose by P0.75 per liter for gasoline, P1.50 for diesel, and P0.80 for kerosene.
According to the latest data from the DOE, there have been year-to-date net increases of P5.15 per liter for gasoline, P4.40 for diesel, and P0.85 for kerosene as of February 6.
(eA/MNM)
