Gasoline prices will increase for the second consecutive week starting on Tuesday, December 3, while diesel and kerosene prices will see a reduction.
In separate announcements, Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp., and Shell Pilipinas Corp. stated that gasoline prices will rise by P0.90 per liter. At the same time, diesel prices will be reduced by P0.20 per liter, and kerosene prices will drop by P0.40 per liter.
Cleanfuel and Petro Gazz will also implement the same price changes, but Cleanfuel does not sell kerosene.
The price adjustments will take effect at 6 a.m. on Tuesday for most companies, except for Cleanfuel, which will make the changes at 4:01 p.m. the same day.
The Department of Energy‘s Oil Industry Management Bureau (DOE-OIMB) had earlier predicted a mixed price movement for the week. This was due to factors such as steadying crude prices following a US-brokered ceasefire between Israel and Hezbollah, lower fuel consumption in China, and continued production cuts by oil producers.
Last week, fuel companies raised gasoline prices by P1.15 per liter, diesel by P1.10, and kerosene by P0.80 per liter.
As of November 26, 2024, year-to-date adjustments had resulted in a net increase of P10.45 per liter for gasoline, P9.75 per liter for diesel, and a net decrease of P1.50 per liter for kerosene.
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