Oil Firms to Impose Mixed Price Adjustment Starting on Tuesday (May 23, 2023)
Oil firms in the Philippines have announced another round of price adjustments for petroleum products, signaling the second consecutive week of price increases for gasoline and diesel. However, kerosene prices are set to decrease.
These changes are attributed to factors such as the movement in the Mean of Platts Singapore (MOPS) and the rising demand for oil.
According to advisories released by Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp., gasoline prices will rise by P0.80 per liter, while diesel prices will increase by P0.60 per liter. These adjustments come after a previous hike last week when gasoline prices went up by P0.35 per liter, diesel prices surged by P1.40 per liter, and kerosene prices rose by P1.20 per liter.
In contrast to the upward movement in gasoline and diesel prices, kerosene prices are expected to rollback by P0.10 per liter. Cleanfuel, however, will not implement this change as it does not carry kerosene in its product lineup.
The price adjustments will take effect at 6 am on Tuesday (May 23, 2023) for most oil companies, except for Cleanfuel, which will implement the changes at 4:01 pm the same day.
The Department of Energy – Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero attributes the increases in gasoline and diesel pump prices to the movement in the Mean of Platts Singapore (MOPS.
As of May 16, 2023, DOE data shows a net increase of P4.20 per liter for gasoline, while diesel prices have experienced net decreases of P5.65 per liter. Kerosene prices have seen a net decrease of P6.30 per liter.
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