Mixed Oil Price Adjustments Expected on Tuesday (October 31), Gas Stations Say
FUEL PRICE UPDATE – Several gas stations in the Philippines announced mixed oil price adjustments this week.
On Monday (October 30, 2023), fuel companies announced that oil prices are set to undergo adjustments effective Tuesday, October 31, 2023, with gasoline prices increasing and diesel and kerosene seeing a price cut.
Seaoil announced that gasoline prices are set to experience a P0.45 per liter hike. This price adjustment is expected to affect consumers who rely on this fuel type for their vehicles.
Meanwhile, diesel prices are set to roll back by P1.25 per liter, while kerosene will witness a price cut of P1.20 per liter, according to Seaoil. These price cuts offer some relief to consumers who primarily use diesel and kerosene for transportation and heating purposes.
Cleanfuel will impose a similar change except for kerosene which it does not carry.
Most gasoline stations in the country will impose price adjustments at 6 a.m. on Tuesday except for Cleanfuel, which will implement the price changes at 12:01 a.m. Other oil firms are expected to make similar announcements this week.
Rodela Romero, Assistant Director of the Department of Energy’s Oil Industry Management Bureau, previously attributed the expected diesel and kerosene price drops, as well as the gasoline price hike, to Middle Eastern diplomatic efforts. These efforts have eased investor concerns about potential disruptions in the oil supply chain.
As of October 26, data shows that year-to-date adjustments have led to a net increase of P13.75 per liter for gasoline. For diesel and kerosene, the net increases have been P11.70 and P6.24 per liter, respectively.
The current retail prices for gasoline in Metro Manila range from P58.35 to P76.89 per liter, while diesel prices range from P59.00 to P72.05 per liter. Kerosene prices range from P76.25 to P89.39 per liter, giving consumers a variety of options when buying fuel.