Oil companies are set to increase gasoline prices, but price cuts on diesel and kerosene are expected next week.
The Department of Energy (DOE) also said motorists should brace for the said increases.
The DOE said the following price adjustments on oil products are projected next week: gasoline – P0.70 to P0.90 per liter increase; diesel – P0.20 to P0.40 per liter decrease; and kerosene – P0.20 to P0.40 per liter decrease.
The DOE explained that a global oversupply of fuel is expected in the first quarter of 2025, along with a low demand.
For the rest of 2024, the DOE said oil prices are likely to decrease due to lower overall demand.
Petron meanwhile announced that for LPG, it will increase prices by P1.20/kg on Sunday, December 1, 2024. LPG firm Regasco earlier said it is also imposing an additional P0.50/kg.
On November 26, oil firms raised pump prices by as much as P1.15 per liter to reflect the movement of prices in the world oil market.
Seaoil Philippines, Chevron Philippines, Jetti Petroleum, PetroGazz, and PTT Philippines issued separate advisories of the latest oil price hike of P1.15 per liter for gasoline, P1.10 per liter for diesel, and kerosene by P0.80 per liter.
The other oil companies are expected to follow suit, Department of Energy Oil Industry Management Bureau (OIMB) Director Rodela Romero said last week’s oil prices went up due to worsening geopolitical tensions.
“These adjustments are attributed to the following, escalating geopolitical situation around Russia continued to dominate sentiment, underpinning the week’s gains, Russia’s oil refinery business is at risk of plant closure amid heavy losses, lower production, and news of oil production outage in Norway,” Romero said.
