Oil Firms Announce Mixed Fuel Price Adjustment on Tuesday (April 2, 2024)
MIXED FUEL PRICE ADJUSTMENT – Various oil firms have announced a gas price hike, but diesel and kerosene prices will roll back this week.
Transportation expenses are one of the most noticeable effects of changes in oil prices. Since gasoline and diesel power the majority of cars in the Philippines, rising oil prices frequently result in higher transportation fees, greater costs associated with the delivery of products, and possibly higher consumer goods prices.
Starting on Tuesday (April 2, 2024), gasoline prices will go up for the third week in a row, while those of diesel and kerosene will decrease.
Gasoline prices are expected to rise by P0.45 per liter, while diesel and kerosene prices are expected to drop by P0.60 and P1,05, respectively, according to Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp.
Petro Gazz and Cleanfuel are also making price adjustments, yet they don’t carry kerosene. This will be changed at 6:00 in the morning. for the majority of businesses on Tuesday with the exception of Cleanfuel, which will do it at 12:01 a.m. on the same day.
Other companies have yet to make similar announcements later this week.
An industry source stated that these adjustments were expected based on the Mean of Platts Singapore (MOPS) trade, which is the average of all transactions involving gasoline and diesel.
Gasoline prices increased by P2.20 per liter last week, while diesel and kerosene prices decreased by P1.40 and P1.30, respectively.
According to the latest data from the Department of Energy, the price of gasoline increased by P7.75 per liter, diesel by P5.10, and kerosene by P1.05. These increases happened between the beginning of the year and March 26, 2024.
This is a developing report, just visit this website regularly or refresh the page for further updates and information.
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