Mixed price adjustments seen at the pumps next week
Credit to Author: Richmond Mercurio| Date: Sat, 25 Nov 2023 00:00:00 +0800
MANILA, Philippines — Mixed adjustments in pump prices could be implemented by oil companies next week.
Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said estimates based on the first four trading days of the week indicate possible increases of P0.20 to P0.40 per liter for diesel and P0.35 to P0.50 per liter for kerosene.
Prices of gasoline, meanwhile, are seen to have no movement or a potential rollback of P0.10 per liter.
Romero said reasons affecting the prices include the further supply cuts in OPEC+ production originally scheduled to be announced in their output policy meeting this Nov. 26, which was later postponed to Nov. 30.
She said the increase and build up in weekly US crude inventories also affected prices.
Oil companies last Tuesday cut prices by P0.75 per liter for gasoline, P0.65 per liter for diesel and P0.60 for kerosene.
These price adjustments resulted in a year-to-date net increase of P12.30 per liter for gasoline, P5.70 per liter for diesel and P1.09 per liter for kerosene, based on data from the DOE.
Prices of diesel and kerosene have so far declined for four straight weeks, while that of gasoline have dropped for three consecutive weeks.