MANILA — Oil companies are set to increase gas prices by P0.45 per liter, effective April 2, 2024. Shell and Seaoil have announced a decrease in diesel prices by P0.60 per liter and kerosene by P1.05 per liter. This adjustment follows last week’s hike, where gasoline, diesel, and kerosene prices surged by P2.20, P1.40, and P1.30 per liter, respectively.

(el Amigo/MNM)

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)

MANILA — Gasoline prices are set to rise by P2.80 per liter, with diesel following suit at an increase of P1.30 per liter on Tuesday, January 30, 2024, according to announcements from Shell and Seaoil on Monday.

Additionally, the cost of kerosene will see a bump of P0.45 per liter.

This marks the fourth consecutive week of fuel price hikes, with the previous week witnessing an uptick of P1.30 per liter for gasoline and P0.95 per liter for diesel.

Notably, kerosene prices remained unchanged during that period.

(By el Amigo/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)

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)

By Junex Doronio

ON MONDAY, FILIPINOS ARE GREETED with both good news and bad news aside from the jeepney strike of one transport group.

First, the good news was pump prices of diesel and kerosene are set to roll back again tomorrow, Tuesday, October 17.

Second, the bad news was gasoline prices will continue their upward swing.

Seaoil Philippines Corp. and Pilipinas Shell Petroleum Corp. announced in their separate statements that the prices per liter for both diesel and kerosene will decrease by P0.95.

But prices of gasoline will be hiked by P0.55 per liter.

On the other hand, Cleanfuel will implement the same changes, excluding kerosene which it does not carry.

Maharlika NuMedia gathered that oil companies usually announce price adjustments every Monday to be implemented on the following day. (ai/mnm)

This week ushers in a mixed bag of adjustments in fuel prices, with gasoline enjoying a substantial price rollback, while diesel sees a slight increase. Unfortunately, households will face an additional burden with the rise in LPG prices for the month.

Consumers relying on gasoline products can breathe a sigh of relief this week as oil companies announced a P2.00 per liter price rollback for this commodity.

Conversely, diesel product users will experience a modest increase of P0.40 per liter.

For those using kerosene products, such as households and critical industries like aviation, they will also benefit from a cost reduction of P0.50 per liter this week, as reported by industry players.

As of the latest information, Shell Pilipinas Corporation, Seaoil, Cleanfuel, PTT Philippines, PetroGazz, and Chevron Philippines are among the oil companies that have already issued notices regarding their price adjustments effective Tuesday, October 3. It is expected that their competitors will follow suit in line with this week’s pricing trends.

In addition to these fuel price adjustments, consumers will face an added burden due to a P3.75 per kilogram increase in liquefied petroleum gas (LPG), which went into effect on October 1 and will remain in place for the rest of the month.

Companies like Petron Corporation, Solane, and Phoenix Petroleum have already implemented LPG price increases over the weekend, along with numerous independent players selling the commodity at various retail outlets nationwide.

Furthermore, Petron has raised its auto LPG prices by P2.09 per liter, while Cleanfuel has advised a P2.00 per liter hike at its auto LPG stations.

2nd week of price reductions

At the gas pumps, Filipino consumers are experiencing the second consecutive week of price reductions, with the exception of diesel products for this week.

Before these recent rollbacks that began last week, the relentless rise in fuel prices was taking a toll on consumers’ wallets and paychecks, causing concern about its impact on the country’s inflation rate.

The public transport sector, in particular, had been facing significant challenges as pump prices continued to rise, leading to reduced income for those who rely on these services to support their families. (ai/mnm)