Diesel and kerosene prices will go up by P0.30 per liter and P0.65 per liter, respectively, today while gasoline will not move effective 6 am as they reflect the movement of prices in the world oil market.
“PTT Philippines to implement a P0.30 per liter increase on diesel price effective 6am Tuesday, November 28, 2023. No movement on gasoline prices,” PTT said in an advisory.
The latest oil price hike ends four consecutive weeks of price rollbacks for diesel and kerosene, and a third straight week for gasoline.
Jetti Petroleum, Cleanfuel, Phoenix Petroleum, Flying V, and PetroGazz issued separate advisories of the latest price movement while other oil companies are expected to follow.
Department of Energy director for the oil industry management bureau Rodela Romero said the latest oil price movement is influenced by reports of further supply cuts in the Organization of the Petroleum Exporting Counties and its allies (OPEC+) production to be announced in their output policy meeting late this month.
Romero also cited the increase and build-up in weekly US crude inventories which pushed prices upwards.
On Nov. 21, the oil companies implemented price rollbacks for gasoline, diesel, and kerosene by P0.75 per liter, P0.65 per liter, and P0.60 per liter, respectively.
The price adjustments resulted in a year-to-date net increase of P12.30 per liter for gasoline, P5.70 per liter for diesel, and P1.09 per liter for kerosene.