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Gasoline prices down; diesel and kerosene up Tuesday

Gasoline prices down; diesel and kerosene up Tuesday

Pump prices of gasoline will be rolled back for the second straight week on Tuesday while those of diesel and kerosene will be hiked, following developments overseas such as the output cut by the Kingdom of Saudi Arabia.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. said they will reduce prices per liter of gasoline by P0.20 while increasing those of diesel by P0.75, and kerosene by P0.50.

Cleanfuel, Petro Gazz, PTT Philippines Corp., Phoenix Petroleum Philippines Inc., and Unioil Petroleum Philippines Inc. will implement the same changes, excluding kerosene which they do not carry.

The changes will take effect at 6 a.m. on Tuesday, July 11, for all the firms except for Cleanfuel which will adjust prices at 4 p.m., and Caltex at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week.

The latest announcements are in line with projections made by the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), which cited the monetary policy changes for the rollback and the output cut of the Kingdom of Saudi Arabia and the impending reductions by Russia and Algeria for the price hikes.

Firms last week rolled back prices per liter of gasoline by P0.70, diesel by P0.70, and kerosene by P0.85.

Latest data available from the DOE indicate a year-to-date net increase of P5.85 per liter for gasoline, and net decreases of P3.70 per liter for diesel and P6.00 per liter for kerosene as of July 4, 2023. —KG, GMA Integrated News