Gasoline, diesel prices rollback set on Tuesday, but not enough to offset past hikes

Fuel retailers are set to roll back pump prices of petroleum products on Tuesday, but this will not be enough to offset the 10 straight weeks of hikes for gasoline and 11 for both diesel and kerosene.

In an advisory, Pilipinas Shell Petroleum Corp. said it will lower prices per liter of gasoline and diesel by P0.20 each, and kerosene by P0.50.

Cleanfuel and Petro Gazz will implement the same changes, excluding kerosene which they do not carry.

The adjustments will take effect at 6 a.m. on Tuesday, September 26, for all the firms except for Cleanfuel which will implement the changes at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week.

The Oil Industry Management Bureau (OIMB) of the Department of Energy (DOE) earlier projected mixed movements based on trading in the first four trading days of the past week.

Firms last week hiked prices per liter of gasoline by P2.00, diesel by P2.50, and kerosene by P2.00.

Latest data available from the DOE indicate year-to-date net increases of P17.50 per liter for gasoline, P13.60 per liter for diesel, and P9.94 per liter for diesel as of September 18, 2023.

The Land Transportation Franchising and Regulatory Board (LTFRB) started releasing fuel subsidies to qualified operators of public utility vehicles (PUVs) on September 13, 2023.

The Land Bank of the Philippines, however, waited for the Commission on Elections (Comelec) to exempt fuel subsidies from the election spending ban before resuming the distribution.

Under Comelec Resolution No. 10944, the release, distribution, or spending of public funds for social welfare projects during the election period is prohibited, with the Barangay and Sangguniang Kabataan elections scheduled on October 30.

The Comelec then approved on Sept. 20 the exemption of the government's fuel subsidy grant to PUV operators and drivers from the election spending ban. —KG, GMA Integrated News