Local oil firms will implement a mixed oil price movement effective 6 a.m. Tuesday, with gasoline prices increasing by P0.50 per liter while diesel and kerosene prices go down by P0.40 to P0.35 per liter, respectively.
Seaoil Philippines, PTT Philippines, PetroGazz and Chevron Philippines announced their latest price movements to reflect the movements in the world oil market.
Department of Energy (DOE) director for the oil industry management bureau Rodela Romero attributed the movement to the inventory increase of US crude stocks, the signal of a possible Gaza ceasefire against the reality on the ground, and the postponed reduction in the interest rates that is expected to restrain global demand.
“The increase are due to the potential extension of OPEC+ (Organization of the Petroleum Exporting Countries) supply cut from first quarter of 2024 to second quarter of 2024,” Romero said.
She said specific to gasoline is the Russian imposition of a 6-month export ban starting March 1.
On Feb. 27, the oil companies implemented a per liter price decrease for gasoline, diesel, and kerosene by P0.70, P0.95 and P1.10, respectively.
Year-to-date adjustments for gasoline, diesel and kerosene stand at a net increase of P5.45 per liter, P4.45 per liter and P0.40 per liter, respectively.
Prevailing retail prices of gasoline for the National Capital Region ranges from P56.30 to P81.25 per liter, diesel from P54 to P83.61 and kerosene from P72.44 to P83.83 per liter.
This developed as the oil firms increased the price of liquefied petroleum gas (LPG) by as much as P0.30 per kilogram on March 1 to reflect the higher contract price of LPG in the world oil market.
Petron Corp. and Solane LPG announced a price hike of P0.30 per kilo and P0.27 per kilo for LPG, respectively starting March 1. This is equivalent to an increase of P2.97 to P3.30 for an 11-kilo LPG tank.