Diesel Prices to Rollback, Gasoline Prices to Increase, Oil Companies Announced
OIL PRICE UPDATE – Fuel firms announced a rollback on diesel prices and an increase in gasoline prices starting Tuesday, March 19, 2024.
Fuel prices in the Philippines are set for another round of adjustments, with diesel prices expected to decrease while gasoline prices are expected to rise. Meanwhile, kerosene prices are expected to remain unchanged this week.
According to advisories from Seaoil Philippines Corp. and Pilipinas Shell Petroleum Corp., the prices of diesel will be slashed by P0.10 per liter, providing some relief for diesel consumers. However, gasoline prices will see an increase of P0.10 per liter.
Gasoline stations typically announce these price adjustments every Monday, with the changes taking effect the following day.
Assistant Director of the Oil Industry Management Bureau Rodela Romero clarified that the US Department of Energy’s Energy Information Administration’s expected increase in US crude oil production for 2024 and 2025 is the primary cause of the diesel price rollback.
It is expected that this increase in production could somewhat offset OPEC+’s production curbs.
On the other hand, the increased oil demand in the US and India, along with the drop in US crude inventories, are factors driving up the price of gasoline.
Romero also stated that the recent attack by Ukraine on four major Russian refineries in one day has affected oil prices, either by raising them or by reducing the expected drops.
“Also, the attack made by Ukraine to the four largest Russian refineries in a single day contributed to the increase of oil prices or the lowering down of the amount of the expected rollbacks,” Romero said.
Gasoline firms changed their prices, resulting in a general drop in the price per liter. The price of kerosene was reduced by P0.30, diesel by P0.25, and gasoline by P0.50, as of March 12, 2024.
As of this writing, other oil firms have yet to announce their price adjustments for the upcoming week.
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