MANILA, Philippines — Local oil companies are implementing mixed price adjustments at the pumps today.
In separate advisories yesterday, oil firms said prices would go up by P0.30 per liter for gasoline and P0.20 per liter for kerosene.
Diesel prices, meanwhile, would have a P0.30 per liter rollback.
The price adjustments, which reflect movement in the international oil market, will take effect at 6 a.m. today for most companies, except for Caltex and Cleanfuel which started its implementation at 12:01 a.m.
The Department of Energy (DOE) attributed the price movements to speculations last week that OPEC+ will extend or deepen supply cuts based on their proposed output policy.
Local oil companies last Tuesday increased diesel and kerosene prices by P0.30 per liter and by P0.65 per liter, respectively, while no movement was implemented on gasoline prices.
These resulted in a year-to-date net increase of P6 per liter for diesel, P1.74 per liter for kerosene and P12.30 per liter for gasoline, data from the DOE showed.
DOE monitoring from Nov. 28 to 30 showed that prevailing retail prices of diesel and diesel plus products in Metro Manila ranged from P53.60 to P66.35 per liter, and from P57.20 to P79.50 per liter, respectively.
Gasoline prices, meanwhile, ranged from P54.80 to P77.40 per liter, depending on the RON or research octane number of the fuel.
As for kerosene, prices monitored during the period ranged from P71.40 to P84.80 per liter.