MANILA, Philippines, February 4 ------ Diesel and kerosene costs are poised to go down today, but gasoline is on track for a price hike. In separate advisories, Shell, Caltex and Seaoil said prices of gasoline would increase by P0.70 per liter while those of diesel and kerosene would decline by P1.15 and P0.90 per liter, respectively.
Petro Gazz, Cleanfuel, PTT Philippines and Jetti would implement the same adjustments, except for kerosene, which they do not offer. According to the Department of Energy (DOE), these price movements followed US President Donald Trump’s call for lower oil prices and higher output from the US and other major suppliers, including OPEC. The uncertainty over potential US tariffs on Canada and Mexico was said to have also contributed to the mixed adjustments.
Once these adjustments take effect, the year-to-date net increase for gasoline, diesel and kerosene stands at P3.35, P3.65 and P2.90 per liter, respectively. The DOE noted that the OPEC+ joint ministerial monitoring committee, which oversees the group’s crude production agreement, is set to meet this week to reassess the current oil market conditions. Last week, oil companies implemented a rollback of P0.80 for gasoline, P0.20 for diesel and P0.50 for kerosene.
Source: philstar.com
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