MIXED PUMP PRICE ADJUSTMENTS: Gasoline Prices Down, Diesel and Kerosene Up on Tuesday
OIL PRICE UPDATE – Several oil firms are set to implement mixed pump price adjustments starting on Tuesday (June 4, 2024).
Filipino motorists can expect mixed movements in the prices of petroleum products including gasoline, diesel, and kerosene at the pumps in the upcoming week, indicating the recent movements in global oil trading.
Gasoline stations plan to lower gasoline prices while raising the costs of diesel and kerosene for the third consecutive week.
Shell Pilipinas Corp. announced that gasoline prices will go down by P0.90 per liter, diesel prices by P0.60 per liter, and kerosene by P0.80 per liter. Cleanfuel will also make these adjustments, except for kerosene which it does not sell.
The oil price changes will take effect at 6 a.m. on Tuesday, for most firms, with Cleanfuel implementing the changes earlier at 12:01 a.m. on the same day. Other companies have not yet announced their plans for the week.
These adjustments align with projections made by the DOE-Oil Industry Management Bureau (DOE-OIMB), which linked the changes to the ongoing production cuts by OPEC+ and the annual rise in demand that occurs during summer season.
Fuel companies increased the price of kerosene by P0.30 per liter and gasoline and diesel by P0.40 per liter last week.
As of May 28, 2024, the net annual increases for gasoline, diesel, and kerosene are P7.55 per liter, P4.85 per liter, and P1.05 per liter, respectively.
Sociopolitical and economic conditions, among other external factors outside government control, are the country’s main determinants of fuel costs.
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