Gasoline, diesel, kerosene prices down by over P1/liter on Tuesday

Motorists will have to pay less for petroleum products this week, as oil firms on Monday announced a major rollback to mark the second straight week of downward adjustments for diesel.

In separate advisories, Chevron Philippines Inc. (Caltex), Flying V, Petron Corp., Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. said they will lower the prices per liter of gasoline by P1.60, diesel by P1.85, and kerosene by P1.40.

Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., and Unioil Petroleum Philippines Inc. will implement the same changes, excluding kerosene which they do not carry.

The adjustments will take effect at 6 a.m. on Tuesday, December 12, for all the firms except for Caltex and Cleanfuel which will both implement the changes at 12:01 a.m. the same day.

The latest announcements are in line with projections made by the Oil Industry Management Bureau (OIMB) of the Department of Energy (DOE), citing a possible oversupply towards the end of the year.

Firms last week hiked prices per liter of gasoline by P0.30 and kerosene by P0.20, while rolling back diesel by P0.30.

Latest data available from the DOE indicate year-to-date net increases of P12.60 per liter for gasoline, P5.70 per liter for diesel, and P1.94 per liter for kerosene as of December 5, 2023. — RSJ, GMA Integrated News