OIL companies lowered the pump prices of all their fuel products on Tuesday, March 12, 2024.

Shell, Cleanfuel, Seaoil, Petrogazz, Jetti Petroleum, Caltex, PTT Philippines, Unioil, and Flying V dropped gasoline prices by P0.50 per liter, and diesel by P0.25/l.

Shell, Seaoil, Caltex, and Flying V slashed the cost of kerosene by P0.30 per liter.

The Department of Energy-Oil Industry Management Bureau (DoE-OIMB) said the rollbacks are due to oil-related geopolitical movements, such as the fluctuating demand concerns in China and US and the expected oil supply that is continuing to rise because of supply coming from non-OPEC (Organization of the Petroleum Exporting Countries) members.

On March 5, 2024, oil companies lowered by P0.40 and P0.35, respectively, the prices of diesel and kerosene, but increased the price of gasoline by P0.50 per liter.