Gas Stations to Impose Mixed Oil Price Adjustments for Tuesday (December 10, 2024)

Gas stations across the country are set to impose mixed oil price adjustments starting Tuesday (December 10, 2024).

Various oil companies in the country have announced that gasoline prices will go up, while diesel and kerosene prices will drop.

Gasoline stations including Shell, Seaoil, and PetroGazz announced that gasoline prices will increase by P0.40 per liter. At the same time, diesel prices will be lowered by P0.50 per liter, and kerosene prices will decrease by P0.75 per liter.

Oil price changes will take effect at 6 a.m., except for Cleanfuel, which will adjust its prices at 12:01 a.m. the same day.

The reason behind this mixed price movement is a combination of global demand and geopolitical factors. Gasoline is seeing a price hike due to strong demand, especially in countries that use more gasoline than diesel.

Meanwhile, diesel has weaker demand, leading to a drop in its price. On top of that, the ongoing tensions between Israel and Hezbollah, as well as decisions by oil-producing countries to hold off on increasing production, are also affecting prices.

Earlier in the month, gasoline prices went up by P0.90 per liter, while diesel and kerosene prices were cut by P0.20 and P0.40 per liter, respectively. So far this year, gasoline prices have gone up by P10.45 per liter, and diesel prices have increased by P9.75 per liter. On the other hand, kerosene has dropped by P1.50 per liter.

While global factors are still affecting prices, the Department of Energy says that local market conditions and the ongoing uncertainty in the Middle East are also playing a role in this week’s price adjustments.

This is a developing report, just visit this website regularly or refresh the page for further updates.