Gas prices up; diesel down this week

FUEL price adjustments have, again, gone in several directions starting Tuesday (December 5).

Shell, Cleanfuel, Seaoil, Petrogazz, Caltex, Jetti Petroleum, Phoenix Petroleum, PTT Petroleum, and Flying V have reduced the price of diesel by P0.30 per liter while hiking gasoline prices by P0.30 per liter.

As for kerosene prices, Shell, Caltex, Seaoil and Flying V all increased by P0.20 per liter.

In a short message on Monday, Department of Energy-Oil Industry Management Bureau (DoE-OIMB) Director Rodela Romero said the reasons for the mixed movements are mostly due to the actions of the Organization of the Petroleum Exporting Countries and its allies (OPEC+), as well as a drop in supply due to a storm in Kazakhstan.

«Overall, the reasons for the proposed adjustments are due to the speculation that OPEC+ will extend or deepen their supply cut based on their proposed output policy, which in turn is compounded by a storm-related drop in Kazakhstan oil output, a softer US dollar and a decline in US inventories,» Romero said.

Also, DoE-OIMB reported that on Nov. 28, 2023, local oil companies implemented price rollbacks for diesel and kerosene by P0.30 and P0.65 per liter, respectively, while no movement has been effected on the price of gasoline.

These adjustments resulted in a year-to-date net increase of P6.00 per liter for diesel and P1.74 per liter for kerosene, while gasoline remained at its net increase of P12.30 per liter.