The country’s oil firms will implement a major price rollback of ₱2.90 per liter for diesel and ₱3.20 per liter for kerosene effective 6 a.m. Tuesday to reflect movements in the world oil market.
The oil firms, however, raised the price of gasoline by ₱0.20 per liter.
Seaoil Philippines, Cleanfuel, PTT Philippines, Chevron Philippines, and Jetti Petroleum issued separate advisories on the latest oil price movement.
This followed Petron Corp.’s announcement of a ₱2-per-kilo increase in liquefied petroleum gas prices effective 12:01 a.m. on Dec. 1 to reflect the international contract price of LPG for December.
Jetti Petroleum president Leo Bellas last week attributed the significant drop in diesel prices to market correction as crude oil prices eased on hopes of a United States-brokered ceasefire in Ukraine.
“While Asian gasoline prices have eased slightly as well, premium and freight components remain elevated due to tight supply-demand balance,” he said.
The Department of Energy, meanwhile, announced a possible ₱3-per-liter cut for kerosene.
On Nov. 25, oil firms cut the price of gasoline by ₱0.20 per liter but raised the price of diesel and kerosene by ₱0.60 per liter and ₱1.30 per liter, respectively.
