Prices of petrol, diesel and kerosene at gas stations fell by more than P1/L on Tuesday

Drivers will be able to count on lower fuel prices this week as companies announced on Monday they were reversing a drastic price increase at the pump that came into effect last Tuesday.

In separate announcements, Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp. and Shell Pilipinas Corp. announced a per-liter price cut of PHP 1.15 for gasoline, PHP 1.90 for diesel and PHP 1.80 for kerosene.

Cleanfuel will implement the same changes, except for kerosene, which it does not transport.

The changes will go into effect from 6am on Tuesday, August 27, for all companies except Cleanfuel, which will reduce its prices at 12:01pm the same day.

As of the time of this report, other companies have not yet made similar announcements this week.

The Department of Energy and Office of Petroleum Industry Management (DOE-OIMB) are forecasting a significant withdrawal this week, citing ceasefire talks in Gaza and support for restoring production from Libya’s Sharara oil field.

Last week, companies raised prices per liter of gasoline by P1.00, diesel by P1.20 and kerosene by P1.00.

The result is a net annual increase of PHP 8.05 per liter for gasoline and PHP 5.95 per liter for diesel, and a net decrease of PHP 2.15 per liter for kerosene, effective August 20, 2024. —KBK, GMA Integrated News