Oil Companies Set to Implement Mixed Fuel Price Adjustments This Week
OIL PRICES – Some oil companies in the Philippines are set to implement mixed fuel price adjustments this week.
On Tuesday (November 5, 2024), fuel prices will see a mix of increases and decreases, according to the Department of Energy Oil Industry Management Bureau director Rodela Romero.
Gasoline prices will drop slightly, while diesel and kerosene prices will increase. Seaoil Philippines and Shell Pilipinas have stated that gasoline prices will fall by P0.10 per liter, providing some relief to motorists.
Meanwhile, diesel prices are set to increase by P0.75 per liter, while kerosene will go up by P0.50 per liter. Cleanfuel will impose similar adjustments for gasoline and diesel, but it does not sell kerosene.
The looming price changes are influenced by recent trends in international oil trading. DOE has noted that increased demand for fuel in the United States and tighter supply in the Asian market are driving the mixed price movements.
Additionally, ongoing geopolitical tensions, especially related to conflicts in the Middle East, continue to impact oil prices and create uncertainty in the market.
Typically, oil companies announce these price adjustments every Monday to take effect the following day. Last week, there was an increase of up to P0.50 per liter in pump prices.
Most companies will impose the oil price changes at 6:00 am on Tuesday.
The year-to-date adjustments for gasoline and diesel have increased by P8.75 and P6.55 per liter, respectively, due to recent price changes. However, starting in January, the price of kerosene has decreased by P3.10 per liter.
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In a previous report, Fuel Firms Release Oil Price Update for Next Week