Mixed Fuel Price Movements on Tuesday (May 21, 2024): Gasoline to Decrease, Diesel and Kerosene to Increase
FUEL PRICE UPDATE – Various oil companies announced a rollback on prices of gasoline while diesel and kerosene prices are set to increase.
Oil price changes directly affect the cost of transportation and production. Higher oil prices typically lead to increased costs for goods and services, contributing to inflationary pressures.
Fluctuations in oil prices affect fuel costs for vehicles, public transportation, and logistics, thereby influencing consumer prices and business operating expenses.
On Tuesday (May 21, 2024), pump prices are set to experience mixed adjustments with gasoline prices decreasing for the fourth consecutive week while diesel and kerosene prices are set to increase after four weeks of hikes.
Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp., and Shell Philippines Corp., released separate advisories that announced a P0.10 rollback per liter of gasoline, a P0.25 hike per liter of diesel, and an additional amount of P0.30 per liter of kerosene.
Cleanfuel has announced similar changes, excluding kerosene, which it does not sell.
Most gasoline stations will implement the mixed oil price adjustments while Cleanfuel will impose the changes at 4:01 p.m. However, other fuel companies have yet to release their announcements for the week.
This movement was previously predicted by the Oil Industry Management Bureau (DOE-OIMB) of the Department of Energy, which attributed its origins mostly to changes in international oil prices. The DOE-OIMB had predicted last week that gas prices would decline along with increases in diesel and kerosene.
Fuel prices decreased by P2.00 per liter, diesel by P0.50 per liter, and kerosene by P0.85 per liter last week. Diesel and kerosene prices are expected to increase in the third week of May, but gasoline prices are still decreasing.
In a previous report, a Gas stations eye mixed oil price adjustments next week
The social media users expressed their reactions to the looming oil price adjustment:
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