Consumers can expect mixed movements in the price of oil products on Tuesday, with unleaded gasoline and kerosene prices going up.
Local oil firms, however, are expected to cut diesel prices by P0.50 to P0.70 per liter to reflect the price movement in the world oil market.
The Department of Energy said that based on the four-day trading period, gasoline may go up by P0.30 to P0.60 per liter, while kerosene will increase by P0.40 to P0.60 per liter.
Reuters reported on Friday that oil prices went up by more than $1 as traders expect a drop in Russian crude supply. These offset concerns of lower US transport fuel demand over the Christmas holidays.
Meanwhile, higher COVID infections in China raised concerns over demand.
On Dec. 20, 2022, PH oil companies implemented a per-liter increase in gasoline by P0.70, diesel by P2.90, and kerosene by P1.65.
These resulted in year-to-date total adjustments at a net increase of P13.95/liter for gasoline, P27.50/liter for diesel, and P20.80/liter for kerosene.
On December 13, the oil companies hiked the price of gasoline by P1.70, diesel by P3.40, and kerosene by P4.40.
Pump prices are adjusted every Tuesday to reflect the movement of prices in the world oil market. Prices vary depending on the brand, location, and market forces.