Gasoline Prices to Rise Tuesday; Diesel, Kerosene Rollbacks Announced

Fuel prices will see mixed adjustments starting Tuesday, December 3, with an increase in gasoline prices and rollbacks for diesel and kerosene.

Price Adjustments

In separate advisories, major oil companies including Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp., and Shell Pilipinas Corp. announced the following changes per liter:

• Gasoline: Increase by P0.90
• Diesel: Decrease by P0.20
• Kerosene: Decrease by P0.40

Other companies like Cleanfuel and Petro Gazz will implement the same adjustments but exclude kerosene, as it is not part of their offerings.

The price changes will take effect at 6:00 AM for most firms, except Cleanfuel, which will adjust prices at 4:01 PM on the same day.

Factors Influencing Prices

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) attributed the mixed adjustments to several factors, including:

• The stabilization of crude prices amid a US-brokered ceasefire between Israel and Hezbollah.
• Declining oil consumption in China.
• Sustained production cuts by oil producers.

Recent Trends

Last week, oil firms increased fuel prices per liter:

• Gasoline: P1.15
• Diesel: P1.10
• Kerosene: P0.80

As of November 26, 2024, the year-to-date adjustments stood at:

• Net increase: P10.45 per liter for gasoline and P9.75 per liter for diesel.
• Net decrease: P1.50 per liter for kerosene.