The oil distributors are expected to raise the price of diesel and kerosene by P0.40 and P0.60 per liter, respectively, effective Tuesday to reflect the movement of prices in the international market.
Pilipinas Shell Petroleum Corp. announced it will raise the price of diesel by P0.40 per liter and kerosene by P0.60 per liter, but will not adjust gasoline prices starting 6 a.m. on Dec. 17.
“Expect fuel prices to have minimal movement next week [Dec. 17 to 23]. Diesel should increase by P0.25 to P0.35. Gasoline should have no price movement,” Unioil Philippines said in its weekly forecast.
On Dec. 8 and 10, most of the oil companies implemented a price cut on petroleum products. They cut gasoline prices by P0.30 to P0.40 per liter, diesel by P0.10 per liter and kerosene by P0.30 to P0.40 per liter.
The year-to-date adjustments now stand at a net increase of P6.47 per liter of gasoline, P3.76 per liter of diesel and P0.61 per liter of kerosene.
World oil prices reacted to the reports of a closer resolution in the ongoing US-China trade war last week, but analysts are still watching developments from the Organization of Petroleum Exporting Countries.
OPEC has decided to cut its production output to shore up oil prices.