Mixed oil price movements begin on December 3

MANILA, Philippines — Oil firms are set to implement mixed price adjustments for petrol products beginning Tuesday, December 3. 

In separate advisories on Monday, December 2,  Seaoil, Cleanfuel, and more announced the following price adjustments:

• Diesel – Down by P0.20 per liter
• Kerosene – Down by P0.40 per liter
• Gasoline – Up by P0.90 per liter

The price hike for gasoline was more than P0.10 per liter than what the government initially predicted last week. 

Shell, Seaoil, Caltex, and PetroGazz will implement their price adjustment at 6 a.m. onwards, while Cleanfuel will implement theirs at 4:01 pm.

The price rollback on diesel and kerosine offered a small reprieve following a hike last week for diesel, kerosine and gasoline. 

The Department of Energy (DOE) has cited the war in Ukraine and Russia for the price adjustments in the previous week. Specifically, Russia had said it reserved the right to target countries providing weapons to Ukraine. 

Another factor that played into last week’s increase was Iran’s offer to cease increasing their stockpiles of uranium. 

The DOE also said that the Asian gasoline complex became more bullish amid China’s value-added tax rebates for exports. Australia also hiked up its gasoline imports by 29.75% year over year.  

However, the DOE also promised that since there is an oversupply of oil in the world market, it might be able to offset the rampant increases in 2024.