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MANILA, Philippines — Oil companies implemented a mixed adjustment in the prices of fuel products on Tuesday, a week after they raised pump prices.
Per liter, the price of gasoline decreased by 90 centavos, while those of diesel and kerosene increased by 60 centavos and 80 centavos, respectively.
Most of the oil companies implemented the mixed fuel price adjustment on Tuesday morning. Cleanfuel was the first at 12:01 a.m. Next were Jetti Petroleum, Petro Gazz, PTT Philippines, Shell Pilipinas and Seaoil at 6 a.m., followed shortly by Caltex at 6:01 a.m.
READ: Oil producers led by Saudi Arabia extend supply cuts
During the state-run television program “Bagong Pilipinas Ngayon” on Monday, Rino Abad, director of the Department of Energy’s Oil Industry Management Bureau, said pump prices in the country went up due to a “disappointing report.”
Opec agreement
“On Sunday, the results were disappointing as the Opec+ (Organization of the Petroleum Exporting Countries and its allies) agreed to extend the previous output cut of 3.66 million barrels per day from June this year up to the end of 2025,” Abad said.
“There is no oversupply nor undersupply now in the global market, so it may swing in both ways in weekly prices,” he added.
Abad also said that fuel prices were somewhat stable, so there would not be a significant increase or decrease in the coming weeks.
Last week, local oil companies applied a 40 centavo increase per liter for both diesel and gasoline. Kerosene also went up by 30 centavos per liter.