Diesel, kerosene price hike seen next week; rollback or no adjustment seen for gasoline

Motorists should expect higher diesel and kerosene prices next week although gasoline prices are seen to either remain the same or go down.

Citing industry estimates based on four-day trading, Assistant Director Rodela Romero of the Department of Energy (DOE) Oil Industry Management Bureau said the following adjustments are expected next week:

• Gasoline - no movement or rollback of P0.10 per liter
• Diesel - increase of P0.20 to P0.40 per liter
• Kerosene - increase of P0.35 to P0.50 per liter

Among the reasons Romero cited were supply cuts in OPEC+ production that will be announced in their output policy meeting on Nov. 26 and later delayed to Nov. 30, and the increase and buildup in weekly US crude inventories.

The DOE said effective November 21, 2023, the oil companies implemented price rollbacks for gasoline, diesel, and kerosene by P0.75, P0.65 and P0.60 per liter, respectively.

These said price adjustments resulted in a year-to-date net increase of P12.30/liter for gasoline, P5.70/liter for diesel, and P1.09/liter for kerosene. —KBK, GMA Integrated News