Fuel prices drop as 2024 starts

ALBAY, Philippines — Motorists are set to enjoy a promising start to the year as several oil companies have announced a decrease in pump prices for the first week of 2024.

Effective Tuesday, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. will introduce a cut in fuel rates. 

Gasoline prices will be down by P0.10 per liter, diesel by P0.35, and kerosene by P1.40.

Cleanfuel and Petro Gazz are set to adopt similar ajustments, except for kerosene, which they do not carry. 

The price adjustments will take effect at 6 a.m. on Tuesday, January 2, for Pilipinas Shell Petroleum Corp., Seaoil Philippines Corp. and Petro Gazz. 

Meanwhile, Cleanfuel will implement the changes earlier at 12:01 a.m. on the same day.

The decrease follows last week's increase in gasoline prices by P1.60 per liter, diesel by P1.70 and kerosene by P1.54.