Mixed adjustments in oil prices today

MANILA, Philippines —  Local oil firms made mixed adjustments in petroleum prices today, with the prices of diesel and kerosene rolled back while that of gasoline increased.?

Gasoline pump prices increased by P0.55 per liter, marking the sixth consecutive week of price hike.?Meanwhile, pump prices of diesel and kerosene decreased by P0.95 per liter and P1.10 per liter, respectively, snapping two weeks of continuous increases.?

Today’s price adjustments took effect at 12:01 a.m. with CleanFuel, while Jetti, PTT, PetroGazz, SeaOil and Shell implemented the adjustments at 6 a.m.?Caltex, meanwhile, implemented the price adjustments at 6:01 a.m.?Department of Energy-Oil Industry Management Bureau director Rino Abad said the rollbacks in diesel and kerosene were unexpected, and may have been a result of a market correction after the response of the global industry to recent geopolitical tensions.?

Abad said the recent tension between Iran and Israel did not cause actual disruptions to the global oil supply, resulting in global oil prices declining by $4 to $5 per barrel.?

Furthermore, he said the projected weaker global oil demand by international groups and agencies could have contributed to the rollbacks as well.?

“We think the market responded,” Abad said yesterday.?Despite the rollbacks, the year-to-date adjustment of diesel at a per liter net increase stands at P6.05 while net increase of kerosene is at P1.15 per liter.?Meanwhile, the year-to-date adjustment of gasoline is now at a net increase per liter of P10.25.?

Energy officials earlier explained that the increase in oil prices this year is primarily caused by production cuts made by OPEC+ member-states.?Last week, oil firms raised pump prices by P0.40 per liter for gasoline, P0.95 for diesel and P0.85 for kerosene, reflecting movements in the global oil market due to geopolitical tensions in the Middle East.