Oil Companies Announced Mixed Fuel Price Changes on Tuesday (March 5, 2024)
Oil companies announced that mixed fuel prices changes with gasoline prices rises, diesel and kerosene rollbacks.
Fuel prices are set to change again, with gasoline prices set to rise while diesel and kerosene prices are set to drop this Tuesday (March 5, 2024). This marks the second consecutive week of mixed price adjustments.
Gasoline stations such as Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced an increase on gasoline prices by P0.50 per liter, while diesel prices will decrease P0.40 and P0.35 per liter of kerosene.
Cleanfuel will impose the price adjustments except for kerosene, which it doesn’t carry in its product lineup.
Starting at 6 a.m., these changes will take place. With Cleanfuel placing the adjustments into effect at 4:01 p.m. on the same day, for most businesses. As of the time of this writing, other gasoline firms had not yet revealed their weekly plans.
The latest updates are in line with projections from the Oil Industry Management Bureau of the Department of Energy, which noted that delayed interest rate reductions, signs of a ceasefire in Gaza, and rising US stockpiles were all key factors.
Fuel firms cut the price of diesel by P0.95, kerosene by P1.10, and gasoline by P0.70 per liter the week before.
Adjustments made so far this year have led to a net increase of P5.45 per liter for gasoline, P4.45 per liter for diesel, and P0.40 per liter for kerosene as of February 27, 2024.
The DOE’s Oil Management Bureau Director, Rodela Romero, noted proof of a possible ceasefire in Gaza and an increase in US crude inventories as reasons for the price reductions of kerosene and diesel.
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On the other hand, the possibility that OPEC’s supply cut will last until the second quarter of 2024 and Russia’s six-month ban on gasoline exports both add to the increase in gas prices.