Oil price rollback by up to P1.85 a liter set for Dec 12
MANILA -Motorists will have another Christmas bonus lined up this week after local oil firms announced big-time rollback in the pump prices of petroleum products by up to P1.85 per liter.
In separate advisories, the companies said they would slash the per-liter price of gasoline by P1.60 and diesel by P1.85 on Tuesday, Dec. 12. The price of kerosene will likewise decline by P1.40 per liter.
Shell and Seaoil will implement the rollbacks by 6 a.m., while CleanFuel will adjust its prices at 4:01 p.m. on Tuesday.
This comes after the Organization of the Petroleum Exporting Countries showed their “weakening position” on the extension of supply cuts, according to the Department of Energy (DOE).
Citing S&P Global Platts projections, the DOE also said world oil supply would likely continue to be “more than the world oil demand” until the first quarter of 2024.
However, the market remains cautious due to major oil exporter Saudi Arabia’s call for output cuts, the agency added.
Last week, the price of gasoline rose by P0.30 per liter, while diesel declined by P0.30 per liter. The price of kerosene climbed by P0.20 per liter.
This resulted in a year-to-date net increase of P12.60 per liter for gasoline, P5.70 per liter for diesel, and P1.94 per liter for kerosene.
Prevailing retail prices in Metro Manila ranged from P52.70 per liter to P79.50 per liter as of last week, DOE data show.