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Saturday, December 9, 2023

Gas prices rolled back P2, kerosene down, diesel up

Oil firms are implementing a mixed price movement effective 6 a.m. today (Tuesday) with a price rollback of P2 per liter for gasoline and an increase for diesel by P0.40 per liter.

The oil firms also cut the price of kerosene by P0.50 per liter.

The mixed movement followed the increase in the price of liquefied petroleum gas (LPG) by P3.73 to P3.75 per kilo — equivalent to P41.03 to P41.25 per 11-kilo tank — effective October 1.

Petron Corp. also raised auto LPG prices by P2.09 per liter.

The Department of Energy earlier said oil prices may have a “mixed movement” this week.

“Prices are still volatile and we need to manage our expectations,” DOE director for the oil industry management bureau Rodela Romero said.

Romero said world oil prices softened due to the elevated interest rates, higher US dollar, and the relaxation of Russia’s fuel import ban.

“But the long-term reason for the increase is still the extension of the voluntary cuts of Russia and Saudi until the end of December 2023. Added to it is the fall of US stockpile contributing to worries of tight global supplies and unexpected strong demand from China,” she said.

The average price for gasoline in the National Capital Region currently ranges from P62.30 to P89.95 per liter, diesel from P62.60 to P86.92 per liter, and kerosene from P80.25 per liter to P92.59 per liter.

The latest price rollback resulted in a year-to-date net increase of P17.30 per liter for gasoline, P13.40 per liter for diesel, and P9.44 per liter for kerosene.

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