The country’s oil firms implemented a mixed oil price movement effective 6 a.m. Tuesday, increasing diesel and kerosene prices but rolled back gasoline prices.
The oil firms raised the price of diesel by P0.25 per liter and kerosene by P0.20 per liter but cut the price of gasoline by P0.25 per liter.
“Please see fuel price adjustments of Shell effective 6AM, Tuesday, Oct. 20, 2020. Gasoline, P0.25 per liter rollback. Kerosene, P0.20 per liter increase and diesel, P0.25 per liter increase,” Pilipinas Shell Petroleum Corp. said in its advisory.
Aside from Pilipinas Shell, Petron Corp., PTT Philippines Corp., Seaoil Philippines, Inc., Flying V, Inc. and PetroGazz Corp. also implemented the latest oil price movement while other oil companies are expected to follow.
Unioil Petroleum Philippines, Inc. announced over the weekend that consumers can expect fuel prices to have mix movement for the week of October 20 to 26.
“Diesel should increase by P0.25 to P0.30 per liter. Gasoline should go down by P0.25 to P0.30 per liter,” Unioil said.
On October 13, the oil companies also implemented a mixed oil price movement.
The oil firms cut the price of gasoline by P0.10 per liter but increased the price of diesel and kerosene by P0.45 per liter and by P0.55 per liter, respectively.
These resulted to the total year-to-date adjustments to stand at a net decrease of P4.42 per liter for gasoline, P10.26 per liter for diesel and P13.64 per liter for kerosene, according to the Department of Energy.
Last week, JP Morgan predicted a worsening global oil demand outlook due to a potential rise in coronavirus cases in the winter season.
This may prompt the Organization of the Exporting Countries to reverse its planned easing of oil cuts in 2021. It sees Saudi Arabia offering deeper cuts, below its current quota.
However, there are complications to OPEC’s plan to increase output due to the impending return of Libyan production, over quota compliance and compensation cuts of members, second wave of COVID-19 outbreaks, and the US Presidential election.