MANILA — Motorists stand to feel the pinch anew as the pump price of gasoline is set to rise by P0.50 per liter starting Tuesday (05 Mar 2024). This hike comes in response to Russia’s recently imposed six-month export ban.
Conversely, the prices of diesel and kerosene are poised to decrease, with a drop of P0.40 and P0.35 per liter, respectively, as announced by local oil firms.
Shell and Seaoil are scheduled to adjust their prices by 6 a.m., while CleanFuel will follow suit at 4:01 p.m.
Attributing the gasoline price surge to Russia’s export restrictions effective from March 1, the Department of Energy’s Oil Industry Management Bureau outlined the impacts of this policy.
S&P Global clarified that the export ban was instituted to ensure Russia’s internal fuel supply amid anticipation of heightened demand in the upcoming months.
Simultaneously, the Organization of the Petroleum Exporting Countries (OPEC+) is expected to prolong its current supply cuts of 2.2 million barrels per day into the second quarter of the year, originally slated to end after the first quarter.
This marks the second consecutive week of reductions for diesel and kerosene prices. In the previous week, oil companies had slashed the prices per liter of gasoline by P0.70, diesel by P0.95, and kerosene by P1.10.
(By el amigo/MNM)
