OIL firms are implementing mixed movements in the prices of petroleum products this week.
Gasoline prices are set to go up by P0.30 per liter, while kerosene will increase by P0.20 per liter. The price of diesel, meanwhile, will go down by P0.30 per liter.
Petron, Shell, Caltex, PTT, Phoenix, Total, Unioil, Jetti, and Seaoil said separately that their price adjustments would take effect at 6.a.m of December 5. Cleanfuel, meanwhile, will implement its new pump prices at 12:01 a.m.
Last week, oil companies implemented price rollbacks for diesel, and kerosene by P0.30 and P0.65 per liter, respectively. There was no adjustment on the price of gasoline.
The said adjustments resulted in a year-to-date net increase of P6.00/liter for diesel and P1.74/liter for kerosene while gasoline remains at its net increase at P12.30/liter.
Department of Energy-Oil Industry Management Bureau Director Rodela Romero said this week’s price adjustment could still be attributed to the reduced production within OPEC + and increase in US crude oil inventories.
Movements in the world oil market affect local pump prices. Oil firms adjust their prices every week to reflect movements in the world oil market.