Diesel prices to go down Tuesday; gasoline to go up

Pump prices of diesel are set to go down again on Tuesday, March 19, 2024, but gasoline prices are set to increase.

In separate advisories, Seaoil Philippines Corp. and Pilipinas Shell Petroleum Corp. said they will slash the prices per liter of diesel by P0.10, and hike the prices of gasoline by P0.10 per liter.

There will be no changes in the price of kerosene this week. 

Petro Gazz and Cleanfuel will implement the same changes, excluding kerosene which they do not carry.

Oil companies usually announce price adjustments every Monday to be implemented on the following day.

Other firms have yet to release their price adjustments for the week as of posting time.

Oil Industry Management Bureau Assistant Director Rodela Romero earlier said the primary reason for the rollback is the forecast of the US DOE Energy Information Administration that US crude production will rise in 2024 and 2025 and will offset to some extent the OPEC+ production cut.

Factors that pull oil prices up, however, are the increase in oil demand in the US and India and the drop in US crude inventories, Romero said.

“Also, the attack made by Ukraine to the four largest Russian refineries in a single day contributed to the increase of oil prices or the lowering down of the amount of the expected rollbacks,” she said last week. 

Last Tuesday, March 12, fuel firms lowered the per liter prices of gasoline, diesel, and kerosene by P0.50, P0.25, and P0.30, respectively. —KBK, GMA Integrated News