Domestic pump prices had a mixed movement on Tuesday with gasoline prices going up by P0.40 per liter amid the ongoing volatility in the world oil prices.
Diesel and kerosene prices, however, had a price rollback of P0.50 per liter and P0.75 per liter, respectively.
Seaoil Philippines, PTT Philippines, PetroGazz, Chevron Philippines, and Jetti Petroleum issued separate advisories of the latest oil price movement while other oil firms are expected to follow suit.
The Department of Energy (DOE) said last week gasoline will increase by P0.10 to P0.30, while diesel and kerosene are expected to have a rollback.
DOE Oil Industry Management Bureau (OIMB) director Rodela Romero said diesel may have a rollback of P0.40 to P0.70 per liter, and kerosene by P0.40 to P0.60 per liter.
Romero cited among the reasons for the oil price hike the uncertain geopolitical climate in the Middle East particularly the recent strikes between Israel and Hezbollah, and delays in increased oil production by the Organization of Petroleum Exporting Countries and its allies (OPEC+).
She said the reasons for rollback include a bearish demand outlook for 2025, especially from top importer China, the strengthening of the US dollar, and President Donald Trump’s promise to drill more.
Jetti Petroleum president Leo Bellas said primary drivers of next week’s oil price movement include geopolitical tensions which have kept prices volatile and ample diesel supply in Asia due to increased outflows from India weighed on the price.
“However, lower exports of gasoline to the region supported the gas prices,” Bellas said.
On Dec. 3, oil companies implemented a mixed adjustment on the price of petroleum products.
Gasoline went up by P0.90 per liter while diesel and kerosene declined by P0.20 per liter and P0.40 per liter, respectively.
Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P11.35 per liter and P9.55 per liter, respectively. On the other hand, kerosene has a total net decrease of P1.90 per liter.