Diesel, kerosene prices down, gasoline up
Credit to Author: Richmond Mercurio| Date: Tue, 31 Oct 2023 00:00:00 +0800
MANILA, Philippines — Local oil companies are reducing diesel and kerosene prices by more than P1 per liter today, while gasoline will see a slight increase.
In separate advisories yesterday, oil firms said prices would decline by P1.25 per liter for diesel and by P1.20 per liter for kerosene.
Gasoline prices, meanwhile, will have an upward adjustment of P0.45 per liter.
This is the third straight week of price hikes for gasoline.
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 implementing the price movements at 12:01 a.m.
The Department of Energy (DOE) earlier said crude oil prices weakened during last week’s trading despite geopolitical tension, as the optimism regarding developments in the Middle East contributed to the decline in oil prices.
Local oil companies last Tuesday raised prices by P0.95 per liter for gasoline, P1.30 per liter for diesel and P1.25 per liter for kerosene.
These price adjustments resulted in a year-to-date net increase of P13.75 per liter for gasoline, P11.70 per liter diesel and P6.24 per liter for kerosene, based on DOE data.
From Oct. 24 to 26, DOE monitoring showed that prevailing retail prices of diesel and diesel plus products in NCR ranged from P59 to P72.05 per liter, and from P65.20 to P85.20 per liter, respectively.
Gasoline prices, meanwhile, ranged from P57.65 to P86.40 per liter, depending on the RON or research octane number of the fuel.
As for kerosene, prices monitored during the period ranged from P76.25 to P89.39 per liter.