Oil prices are expected to experience mixed changes this week. Starting Tuesday, December 3, the price of gasoline will rise by nearly P1 per liter, while diesel and kerosene will see reductions.
Fuel companies Seaoil and PetroGazz announced on Monday that gasoline prices will increase by 90 centavos per liter. In contrast, diesel will decrease by 20 centavos per liter, and kerosene will drop by 40 centavos per liter.
Rodela Romero, director of the Department of Energy‘s (DOE) Oil Industry Management Bureau, attributed the rise in gasoline prices to production cuts by OPEC+, a coalition of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia.
Romero also noted that a recent “unexpected drop” in crude inventory in the US market has contributed to the price changes.
Related Topics:
- Oil Rises as EIA Reports Decline in Crude Inventory
- Big Surprise in Crude Oil Stock Draw Sends Prices Higher
- Goldman Sachs Predicts Oil Prices Will Average $80 per Barrel in 2024