On May 9, 2023, Pilipinas Shell, along with other oil companies such as PetroGazz, Seaoil, CleanFuel, and Caltex, announced that they will be lowering their fuel prices effective at 6am.

According to Pilipinas Shell's announcement, gasoline prices will go down by P2.20 per liter, while kerosene prices will decrease by P2.55 per liter. Diesel prices will also have a rollback of P2.70 per liter.

The other oil companies followed suit and released their own advisories, stating the same price adjustments. PetroGazz announced a decrease of P2.70 per liter for diesel and P2.20 per liter for gasoline. Seaoil's advisory also included a decrease of P2.70 per liter for diesel, P2.20 per liter for gasoline, and P2.55 per liter for kerosene. CleanFuel's advisory, effective at 12:01am, indicated a rollback of P2.20 per liter for gasoline and P2.70 per liter for diesel.

Caltex's announcement stated a decrease in fuel prices across the board, with Platinum and Silver gasoline having a decrease of P2.20 per liter, diesel decreasing by P2.70 per liter, and kerosene decreasing by P2.55 per liter.

The announcement of the price adjustments was made on May 8, 2023, and the new prices will take effect at 6am on May 9, 2023. Motorists are advised to take note of the new prices to avoid any inconvenience.