Gas Companies to Impose Gasoline Prices Decrease, Price Increase for Diesel & Kerosene
Gas companies announced a slight reprieve at the pump as gasoline prices are set to decrease for the second consecutive week.
However, diesel and kerosene prices will see an increase due to recent developments abroad, including an output cut by the Kingdom of Saudi Arabia. The price adjustments will take effect on Tuesday, July 11, 2023.
Pilipinas Shell Petroleum Corp., Seaoil Philippines Corp., and Cleanfuel have all released advisories indicating a reduction of P0.20 per liter for gasoline prices. This news will be welcomed by motorists who have been grappling with high fuel costs.
The rollback in gasoline prices is attributed to international factors and reflects the efforts to stabilize fuel prices for consumers.
Unfortunately, the recent announcement is not as positive for diesel and kerosene users. The aforementioned oil companies will increase diesel prices by P0.75 per liter and kerosene prices by P0.50 per liter.
Cleanfuel, however, does not carry kerosene and will not be implementing any changes for it.
These adjustments come in response to international factors, such as the output cut by Saudi Arabia and the anticipated reductions by Russia and Algeria, as projected by the Department of Energy’s Oil Industry Management Bureau (OIMB).
The changes in fuel prices will take effect at 6 am on Tuesday, for most companies, with the exception of Cleanfuel, which will adjust prices at 4 pm on the same day. As of now, other oil companies have yet to announce their price adjustments for the week.
According to recent DOE data, gasoline prices have increased by a net of P5.85 per liter year to date, while diesel prices have decreased by a net total of P3.70 per liter and kerosene prices have decreased by a net total of P6.00 per liter as of July 4, 2023.
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