Fuel Price Rollback Updates (February 24-28, 2023)

Following multiple increases, motorists may get a respite in the next week as pump prices for gasoline products are expected to fall.

An oil industry source informed GMA News Online that based on recent oil trade (February 20 to 23), the price of a liter of diesel might be reduced by P1.40 to P1.70.

However, gasoline prices may be decreased from P0.70 to P1.00 per liter.

Every Monday, oil firms announce price changes that will go into effect the following day.

On Tuesday, February 21, fuel companies increased the price of a liter of gasoline by P0.90, diesel by P1.05, and kerosene by P0.25.

The most recent price adjustments resulted in a net drop of P1.10 per liter for fuel and P0.50 per liter for kerosene this year.

The year-to-date adjustment for gasoline was a net rise of P6.00 per liter.

According to data from the Department of Energy’s (DOE) price monitoring from February 14 to 16, gasoline prices ranged from P59.40 to P67.95 per liter in Quezon City, Metro Manila’s largest city; diesel prices ranged from P58.45 to P67.85 per liter in Makati City, the country’s top financial hub; and kerosene prices ranged from P71.56 to P77.50 per liter in the Philippine capital Manila.

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