Planning to gas up today? You might want to wait until tomorrow; there will be a big rollback in fuel prices come December 7, 2021.
After slashing gasoline and diesel prices last week by PHP 1.10 per liter and PHP 0.60 per liter, respectively, fuel companies will be rolling back the prices on fuel products this week.
Starting tomorrow, Shell Petroleum Corp. announced it will roll back the prices by PHP 2.40 per liter for gasoline and PHP 2.65 per liter for diesel. Aside from gasoline and diesel, the price of kerosene will also be reduced by PHP 2.70 per liter. Other gas companies like Cleanfuel and Seaoil have also announced that they will be implementing similar price rollbacks for their fuel products.
Shell and Seaoil said that the reduced prices will take effect at 6:00 AM, December 7, 2021. Cleanfuel, on the other hand, will adjust its prices at 8:01 AM on the same day.
Other firms have yet to make an official announcement, although they are expected to adjust their prices as well.
This will be the fifth straight week gas companies implemented a rollback on fuel prices. The drop in fuel prices is due to global oil prices plunging caused by the spread of the new COVID-19 variant dubbed “Omicron”. Currently, the price of Brent Crude Oil is averaging between USD 70 – 71 per barrel (or around PHP 3,575).
Based on the Department of Energy's latest data, the year-to-date adjustments currently stand at a net increase of PHP 18.10 per liter for gasoline, PHP 15.70 per liter for diesel, and PHP 13.19 per liter for kerosene as of November 30, 2021.