Oil Firms to Implement Mixed Fuel Price Adjustments for Tuesday (November 27, 2023)
FUEL PRICE UPDATE – Various oil firms are set to impose price hikes for diesel and kerosene while gasoline prices will remain unchanged.
Petroleum product prices have had a significant effect on the country’s economy in recent months. Pump price adjustments typically have a considerable impact on the prices of goods and services throughout the country.
Starting Tuesday (November 28, 2023), Filipino motorists will notice a change in fuel prices as diesel and kerosene experience an increase, while gasoline prices remain unchanged. This adjustment comes after four consecutive weeks of price rollback.
Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. have all released advisories stating that diesel prices will go up by P0.30 per liter, and kerosene will see an increase of P0.65 per liter. However, gasoline prices will stay the same.
Cleanfuel, in a separate announcement, will also implement similar price adjustments, except for kerosene that they do not carry.
Most companies will implement price changes at 6 a.m. on Tuesday, except for Caltex, which will adjust prices at 12:01 a.m., and Cleanfuel at 4:01 p.m. on the same day.
The recent adjustments in fuel prices align with the projections made by
The Department of Energy’s Oil Industry Management Bureau’s projections last week align with the recent price changes. The DOE cited supply cuts in the production of the Organization of the Petroleum Exporting Countries (OPEC) and their partners as contributing factors.
Last week, oil companies reduced gasoline prices by P0.75 prices per liter, diesel by P0.65 prices per liter, and kerosene by P0.60 prices per liter.
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The Energy Department’s latest data as of November 21, 2023, indicates a year-to-date net increase of P12.30 per liter for gasoline, P5.70 per liter for diesel, and P1.09 per liter for kerosene.