Motorists will face a mixed bag of price adjustments for petroleum products this week, with gasoline prices rising by P0.30 per liter and kerosene prices increasing by P0.20 per liter. However, diesel prices will see a welcome reprieve, dropping by P0.30 per liter.
The price adjustments are scheduled to take effect on Tuesday, December 5, with CleanFuel implementing the changes at 12:01 a.m., followed by Petro Gazz and Shell at 6:00 a.m.
According to the Department of Energy (DOE) Oil Industry Management Bureau, the increase in gasoline prices is attributed to a combination of factors, including a storm-induced decline in Kazakhstan’s oil output, a weakening US dollar, and a decrease in US inventories.
Last week, oil companies raised diesel and kerosene prices by P0.30 and P0.65 per liter, respectively, while gasoline prices remained unchanged. These adjustments brought about year-to-date net increases of P6 per liter for diesel, P1.74 per liter for kerosene, and a staggering P12.30 per liter for gasoline, the DOE noted.
The latest price movements highlight the volatile nature of the global oil market, which is influenced by various factors, including geopolitical tensions, supply and demand dynamics, and economic conditions. While diesel prices have seen some relief, motorists will need to brace for continued fluctuations in gasoline and kerosene prices in the coming weeks.