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)
By Junex Doronio
MANILA — The Lenten season has not yet even started but consumers now have to brace themselves with their early “penitencia” (sacrifice ) as the prices of cooking gas are increasing again this March.
On Friday (01 March 2024), Petron announced the price of liquefied petroleum gas (LPG) would rise by P0.30/kg.
On the other hand, Solane also said it would increase LPG prices by P0.27/kg from Saturday (2 March 2024) starting at 6 a.m.
Meanwhile, the Department of Energy (DOE) on Friday said gasoline prices are also set to increase.
However, diesel and kerosene prices will go down next week based on four (4) days of mixed movement on the Mean of Platts Singapore (MOPS).
The DOE explained that the MOPS is the daily average of all trading transactions of diesel and gasoline as assessed and summarized by Standard and Poor’s Platts, a Singapore-based market wire service.
Rodela Romero, Director III of the Oil Industry Management Bureau, disclosed that gasoline prices could go up by P0.20-P0.45 per liter while diesel prices will go down P0.30-P0.60 per liter next week.
She added that kerosene prices will also go down P0.30-P0.50 per liter.
(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)
By el Amigo
MANILA — Motorists should prepare for another surge in retail prices of petroleum products in the upcoming week, potentially marking the fourth consecutive week of escalating prices.
Based on industry estimates derived from the last four days of oil trading, Rodela Romero, Assistant Director of the Department of Energy-Oil Industry Management Bureau, indicated that the price per liter of gasoline might rise by P1.95 to P2.10.
Meanwhile, diesel prices may experience an increase ranging from P0.65 to P0.85 per liter, and kerosene prices could see an upward adjustment of P0.20 to P0.30 per liter.
An additional source in the oil industry suggested that gasoline prices might witness an increase of P2.10 to P2.40 per liter, while diesel prices could potentially rise by P0.70 to P1.00 per liter.
Romero attributed the estimated increase to significant international oil market developments, including a decrease in the US crude stockpile, a stimulus package issued by the central bank of China to bolster its economic recovery, and India emerging as a pivotal driver of oil demand growth.
Typically, oil companies announce price adjustments every Monday, with implementation scheduled for the following day.
As of Tuesday, January 23, oil companies elevated gasoline prices by P1.30 per liter and diesel by P0.95 per liter, while kerosene prices remained unchanged.
The most recent price adjustments resulted in a year-to-date net increase of P1.60 per liter for both gasoline and diesel. In contrast, kerosene experienced a net decrease of P0.40 per liter.
In Metro Manila, prevailing retail prices as of January 23 to 25 ranged from P54.70 to P77.85 per liter for gasoline, P52.20 to P68.45 per liter for diesel, and P71.64 to P83.03 per liter for kerosene, according to the latest data from the DOE’s price monitoring.
(MNM)
MANILA — Gasoline and diesel prices are set to rise once again this week, as confirmed by Shell and Seaoil.
Starting Tuesday, January 23, 2024, the price of gasoline will see an increase of P1.30 per liter, while diesel prices will go up by P0.95 per liter.
Meanwhile, the cost of kerosene will remain unchanged.
This follows last week’s uptick in fuel prices, where oil companies raised gasoline prices by P0.30 per liter and diesel and kerosene prices by P0.90 per liter.
(el Amigo/MNM)
MANILA — Major oil players, including Shell and PetroGazz, are gearing up to implement a reduction in pump prices slated for Tuesday, January 2, 2024.
In this adjustment, the cost of gasoline is expected to decrease by P0.10 per liter, while diesel prices will see a P0.35 per liter reduction. Additionally, the cost of kerosene is set to drop by P1.35 per liter.
This move comes in contrast to last week’s price hike, where gasoline, diesel, and kerosene experienced an increase of P1.60 per liter, P1.70 per liter, and P1.54 per liter, respectively. As oil companies navigate market dynamics, consumers can anticipate a reprieve at the pumps with the upcoming price adjustments.
(IAmigo/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)
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)