Rollback for gas, price hike for diesel this week

MANILA, Philippines — Pump prices are scheduled to move in opposite directions starting on Tuesday, following price increases across all petroleum products last week.

In separate advisories, most oil companies – Shell Pilipinas, Petro Gazz, Clean Fuel and Seaoil – said that diesel price would edge P0.60 higher per liter while that of gasoline would roll back by P0.90 per liter.

Meanwhile, pump prices for kerosene will increase by P0.80 per liter.

The latest adjustments will bring the year-to-date net increase in gasoline and diesel prices to P6.65 per liter and P5.45 per liter, respectively.

On the other hand, the year-to-date net decrease for kerosene prices will be reduced to P0.25 per liter.

The adjustments followed the decision of OPEC+ to extend oil production cuts until 2025 in a bid to boost oil prices.

Currently, OPEC+ is implementing a total production cut of 5.86 million barrels per day – 3.66 million barrels (first cut) and 2.2 million barrels (second cut).

“There is no oversupply or undersupply in the global market, so it may swing in both directions for weekly prices,” Rino Abad, director in the Department of Energy-Oil Industry Management Bureau, said at a public briefing.

“(Oil) prices seem stable, so we are not expecting a big increase or decrease… I hope there are no fundamental causes that could have a large impact (on prices),” he added.

Last week, oil companies hiked gasoline and diesel prices by P0.40 per liter and kerosene by P0.30 per liter.