The country’s oil firms implemented a mixed oil price movement on Tuesday with diesel and kerosene increasing by P0.60 and P0.80 per liter, respectively while gasoline prices were rolled back by P0.90 per liter effective 6am Tuesday.
Seaoil Philippines, Jetti Petroleum, PetroGazz, PTT Philippines, and Cleanfuel issued separate advisories of the latest oil price movement due to the decision of the Organization of the Petroleum Exporting Countries and its allies to continue their production cut.
Department of Energy (DOE) director for the oil industry management bureau, Rino Abad, said OPEC+ decision to extend the production cut of 3.66 million barrels per day from June to end 2025 “was disappointing”.
“There is no oversupply or undersupply now in the global market, so it may swing both ways in weekly prices. Prices now are a bit stable so we are not expecting huge increases and decreases,” Abad said in a TV interview.
Other factors affecting world oil prices include seasonal demand uptick due to forthcoming summer season and the announcement of the United States on the release of millions of barrels of gasoline products from government reserves to lower prices at the pump.
On May 28, 2024, the oil companies implemented an increase in the prices of gasoline and diesel by P0.40 per liter and kerosene by P0.30 per liter.
Based on DOE data, year-to-date, total adjustment of gasoline and diesel stand at net increase of P7.55 per liter and P4.85 per liter, respectively.
Kerosene, on the other hand, has a net decrease of P1.05 per liter.
