Oil firms roll back gasoline, diesel and kerosene prices | Inquirer Business

Oil firms roll back gasoline, diesel and kerosene prices

/ 03:47 PM January 01, 2024

MANILA  -The first week of 2024 is starting off with rollbacks in the pump prices of petroleum products as output from major oil exporters is expected to remain steady.

In separate advisories on Monday, local oil firms said they would slash the prices of gasoline by P0.10 per liter and diesel by P0.35 per liter on Tuesday, Jan. 2.

The price of kerosene will likewise decline by P1.40 per liter.

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READ: Oil prices slide as Red Sea transport disruptions ease

CleanFuel and Caltex will implement the price adjustments by 12:01 a.m., followed by Seaoil and Petro Gazz at 6 a.m.

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The Department of Energy Oil Industry Management Bureau had cited the easing of concerns over shipping disruptions as the main reason behind the price cuts.

READ: IEA sees surplus oil supply in 2024 even if OPEC+ extends current cuts

Russia’s oil output is also expected to “hold steady” in 2024, the agency said.

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TAGS: demand, Fuel Price Rollback, oil supply

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