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)