Pump prices will go down effective 6 a.m. Tuesday but liquefied petroleum gas or LPG has already gone up by as much P3.40 per kilogram to reflect the movement of prices in the world market.
Petron Corp. said it raised LPG prices effective Jan 1.
“This reflects the international contract price of LPG for the month of January,” Petron said.
Petron’s rival Solane said it will increase its LPG price by P3.45 per kg VAT inclusive effective Jan. 2, 2024, at 6 a.m.
Meanwhile, oil companies cut the price of kerosene by P1.40 per liter, diesel by P0.35 per liter, and gasoline by P0.10 per liter.
Seaoil Philippines, Cleanfuel, Jetti Petroleum, and PetroGazz issued separate advisories on the price rollback while other companies are expected to follow.
“These are attributed to the ease of concerns about shipping disruptions along the Red Sea and the Russian oil output expected to hold steady in 2024. Russia diverted its oil exports from Europe to India and China,” Department of Energy (DOE) director for the oil industry management bureau Rodela Romero said earlier.
On Dec. 26, oil companies increased the price of gasoline, diesel, and kerosene by P 1.60 per liter, P 1.70 per liter, and P1.54 to P1.55 per liter, respectively.
DOE said these price adjustments resulted in a year-to-date net increase of P12.60 per liter for gasoline, P5.61 per liter for diesel, and P1.24 per liter for kerosene.
Meanwhile, DOE has issued draft circulars increasing the biofuels blend, specifically 20 percent ethanol blend in gasoline and 3 percent coco-methyl ester blend in diesel.
This followed President Marcos’ approval of several measures to mitigate the impact of high fuel prices in the world market in October.
The DOE is seeking comments for the draft circular implementing the Philippine National Standards specifications on CME-blended automotive (ADOB3) and industrial fuel (IDOB3) and the proposed PNS for E20.
The agency said it will conduct random quality sampling and testing of CME-blended automotive diesel oil, industrial diesel oil, and E-20 from the downstream oil facilities to ensure compliance.
The DOE said retail outlets must ensure that the dispensing pumps are provided with E20 and B3 signs to properly guide customers.