MANILA — Motorists will face higher fuel costs this week, as petroleum companies have announced significant price hikes, marking the fourth consecutive week of increases for diesel and the third for kerosene.

In separate notices, Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp., and Shell Pilipinas Corp. revealed they will raise prices by P2.65 per liter for gasoline, P2.70 for diesel, and P2.60 for kerosene.

Cleanfuel will apply the same increases, excluding kerosene, as it does not carry the product.

The new prices will take effect at 6 a.m. on Tuesday, October 15, for all companies except Cleanfuel, which will implement the adjustments at 4:01 p.m. the same day. Other fuel retailers have not yet released announcements.

These increases align with the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) projections, which warned of potential supply disruptions due to ongoing geopolitical tensions, production cuts, and unexpected refinery outages.

Last week, firms raised diesel prices by P1.20 per liter and kerosene by P0.70, with gasoline prices remaining unchanged.

As of October 8, 2024, year-to-date price changes amounted to a net increase of P6.05 per liter for gasoline and P4.05 for diesel, while kerosene saw a net decrease of P5.35.

elami/mnm

MANILA — Motorists are expected to see a significant rollback in pump prices for various fuel products, with projections indicating a decrease of over P1 per liter in the upcoming week.

Rodela Romero, Assistant Director of the Department of Energy-Oil Industry Management Bureau, attributed this potential reduction to the Mean of Platts Singapore (MOPS) trading over the past four days.

Based on oil industry estimates, the following price adjustments are anticipated:

Gasoline: a decrease of P1.60 to P1.80 per liter
Diesel: a reduction of P1.70 to P1.95 per liter
Kerosene: a decline of P1.35 to P1.45 per liter

Speaking on GMA News’ Balitanghali, DOE-Oil Industry Management Bureau Director Rino Abad emphasized that these estimates are subject to change, pending the results of Friday’s MOPS trading.

The Mean of Platts Singapore (MOPS) serves as the pricing basis for refined petroleum products in Southeast Asia.

It represents the daily average of all trading transactions between buyers and sellers of petroleum products, as assessed and summarized by Standard and Poor’s Platts.

Abad explained that the expected price cuts per liter could be attributed to Platts’ anticipation of a crude oil oversupply of 100,000 barrels per day by the year-end, with the possibility of further increases in the first quarter of the following year.

However, he noted that international petroleum prices may be influenced by the Organization of Petroleum Exporting Countries Plus (OPEC+) plan to cut production by 900,000 barrels per day.

Fuel firms typically announce price adjustments every Monday, with implementation on the following day.

Last Tuesday, December 5, saw oil companies implementing a per-liter price hike for gasoline and kerosene by P0.30 and P0.20, respectively.

Meanwhile, the price of diesel was rolled back by P0.30 per liter.

The recent adjustments resulted in a year-to-date net increase of P12.60 per liter for gasoline, P5.70 per liter for diesel, and P1.94 per liter for kerosene.

As of December 5 to 11, 2023, Energy Department data indicates prevailing retail prices in Metro Manila, ranging from P55.30 to P75.65 per liter for gasoline, P52.70 to P66.05 per liter for diesel, and P71.40 to P84.40 per liter for kerosene.

(Jr Amigo/ai/mnm)

MANILA — Motorists will face an uptick in costs for diesel and kerosene starting this Tuesday (28 Nov 2023), signaling a reversal after four consecutive weeks of price cuts. However, gasoline prices will remain unchanged.

In separate announcements, Chevron Philippines Inc. (Caltex), Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. disclosed that they will implement a price increase of P0.30 per liter for diesel and P0.65 per liter for kerosene.

Cleanfuel, while following suit with similar adjustments, will exclude kerosene from its pricing modifications as it does not carry this particular fuel.

These changes are scheduled to take effect at 6 a.m. on Tuesday, November 28, for all companies, except for Caltex, which will adjust prices at 12:01 a.m., and Cleanfuel at 4:01 p.m. on the same day.

The decision to raise prices aligns with forecasts made by the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) last week. The DOE cited supply cuts in the production of the Organization of the Petroleum Exporting Countries and their partners as a contributing factor.

In the preceding week, fuel prices experienced a rollback, with gasoline, diesel, and kerosene seeing decreases of P0.75, P0.65, and P0.60 per liter, respectively.

The most recent data from the DOE reveals that year-to-date net increases, as of November 21, 2023, stand at P12.30 per liter for gasoline, P5.70 per liter for diesel, and P1.09 per liter for kerosene.

(Amadao Inigo/mnm)

MANILA — Oil companies in Manila, Philippines are set to reduce their pump prices starting Tuesday (November 7, 2023).

Both Shell and Seaoil have announced price decreases, with gasoline prices dropping by P0.45 per liter and diesel by P1.10 per liter.

The cost of kerosene will also decrease by P1.05 per liter.

In the previous week, kerosene and diesel prices saw reductions of P1.20 and P1.25 per liter, respectively, while gasoline prices increased by P0.45 per liter.

(ai/mnm)

By Junex Doronio

ATTRIBUTING TO IRAN’S CALL on members of the Organization of Islamic Cooperation (OIC) to impose an oil embargo and other sanctions on Israel and the drop in US crude stockpiles, oil prices are rising anew on Tuesday, October 24.

This was the analysis of Rodela Romero, Director 3 of the Department of Energy (DOE) Oil Industry Management Bureau.

She also cited the visit of US President Joe Biden to the Middle East, particularly Israel, in a bid to prevent further escalation of the ongoing tension in the region.

Iran is known to be backing the Hamas militants of Palestine.

Motorists have to brace with pump prices expected to rise by more than P1 in the wave of hikes.

On Monday, petroleum companies announced the following price hikes:

SHELL PILIPINAS, SEAOIL (effective 6 a.m.)

Gasoline – P0.95/L increase
Kerosene – P1.25/L increase
Diesel – P1.30/L increase

CLEANFUEL (effective 4:01 p.m.)

Gasoline – P0.95/L increase
Diesel – P1.30/L increase

CALTEX (effective 12:01 a.m.)

Gasoline – P0.95/L increase
Kerosene – P1.25/L increase
Diesel – P1.30/L increase

PETROGAZZ (effective 6 a.m.)

Gasoline – P0.95/L increase
Diesel – P1.30/L increase

(AI/MNM)