Gasoline prices up, diesel down

(UPDATE) SHELL, Seaoil, Cleanfuel, Jetti Petroleum, Caltex, PTT Philippines, Unioil and Flying V on Tuesday raised their gasoline prices by P0.45 per liter, but rolled back their diesel prices by P0.60 per liter.

Kerosene had the biggest change this week, as Shell, Seaoil, Caltex, and Flying V cut their prices by P1.05 per liter.

According to the Department of Energy's Oil Industry Management Bureau, the reasons for the movements are mostly due to the effects of global events, such as the expectations of rate cuts by the US Federal Reserve; continued concerns over geopolitical risk; and Iraq's announcement to trim crude exports through the end of June.

On March 26, 2024, local oil companies increased the prices of gasoline, diesel, and kerosene by P2.20, P1.40 and P1.30, per liter, respectively.

On a year-to-date basis, the price adjustments for gasoline, diesel, and kerosene now stand at per liter net increases of P7.75, P5.10 and P1.05, respectively.