Gasoline price up; kerosene, diesel down

MANILA, Philippines — From last week’s price increases, oil companies will implement mixed adjustments in the cost of their petroleum products effective on Tuesday.

In separate advisories issued on Monday, Seaoil, PetroGazz, Jetti and Caltex said the price of gasoline would go up by 90 centavos per liter.

Diesel and kerosene, on the other hand, would be cheaper by 20 centavos and 40 centavos per liter, respectively.

READ: Fuel price hike set on Tuesday, Nov. 26

Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said the potential hike in fuel prices could be attributed to the production cuts made by the Opec+, which is composed of the Organization of the Petroleum Exporting Countries and allies led by Russia.

Crude inventory in the US market also recorded an “unexpected drop,” she added.

3-way hike

Last week, local fuel retailers implemented price increases per liter for gasoline (P1.15), diesel (P1.10) and kerosene (80 centavos).

Romero attributed the hikes to the geopolitical tensions between Russia and Ukraine, along with the potential closure of Russia’s oil refinery business and the oil production outage in Norway.

Filipino households, meanwhile, may have to pay more for cooking gas this December, with an upward adjustment for liquefied petroleum gas set at P1.20 per kilogram, according to Petron.