Mixed Oil Price Adjustments to Take Effect on First Week of December 2024
FUEL PRICE UPDATE – Various fuel firms in the country will implement mixed oil price adjustments in the first week of December 2024.
Starting on December 3, 2024 (Tuesday), several oil firms will raise gasoline prices by P0.90 per liter, while the prices for diesel and kerosene will go down by P0.20 and P0.40 per liter, respectively.
Major oil companies such as Shell, Seaoil, Caltex, and PetroGazz will implement the price increase for gasoline, effective at 6:00 a.m. Cleanfuel, however, will make the price adjustment a little later, at 4:01 p.m. the same day.
The rollback on diesel and kerosene prices will also take place at the same time.
This price change comes after a huge price hike in the previous week, which saw an increase of P1.15 per liter for gasoline, P1.10 for diesel, and P0.80 for kerosene.
As a result, the year-to-date adjustments have already added P10.45 per liter to gasoline prices, and P9.75 for diesel, while kerosene saw a P1.50 decrease as of late November.
The price hikes are largely due to factors such as production cuts by OPEC+ (a group of oil-producing countries), which includes Russia. In addition, the U.S. crude inventory has seen an unexpected drop, further influencing the price movement.
Although global demand, especially from countries like China, is declining, the DOE projects mixed price adjustments in the short term.
The Department of Energy expects a possible oversupply of fuel early next year, which could lead to further price reductions. For the remainder of 2024, lower demand could contribute to the expected price decreases.
The social media users expressed their reactions to the looming price changes:
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