MANILA – Oil companies are gearing up for contrasting price adjustments set to take effect at 12:01 a.m. on Tuesday (04 June 2024).
In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell announced plans to reduce gasoline prices by PHP0.90 per liter, while simultaneously increasing diesel prices by PHP0.60 per liter. Additionally, Seaoil and Shell will hike kerosene prices by PHP0.80 per liter.
Other oil companies are anticipated to follow suit.
Last week, the Department of Energy (DOE) highlighted that the decision by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to limit their output further has impacted crude oil prices in the global market.
According to the DOE, with the price movements implemented by oil firms in the previous week, the year-to-date gasoline and diesel prices have seen a net increase of PHP7.55 per liter and PHP4.85 per liter, respectively. Conversely, kerosene prices have witnessed a net decrease of PHP1.05 per liter year-to-date.
(Rep. by el Amigo/MNM)
