Gasoline prices down; diesel and kerosene up Tuesday

Pump prices of fuel products will have mixed movements this week, as firms are set to roll back prices of gasoline while those of diesel and kerosene will be increased for the third straight week.

In separate advisories, Chevron Philippines Inc. (Caltex), Seaoil Philippines Corp., and Shell Pilipinas Corp. said they will lower prices per liter of gasoline by P0.90, and hike those of diesel by P0.60, and kerosene by P0.80.

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

The adjustments will take effect at 6 a.m. on Tuesday, June 4, for all the firms, except for Cleanfuel which will implement the changes at 12:01 a.m. the same day.

Other firms have yet to make similar announcements for the week.

The latest announcements are in line with projections made by the Department of Energy-Oil Industry Management Bureau (DOE-OIMB), citing expectations that the OPEC+ to continue their production cut and the seasonal demand uptick due to the coming summer season.

Firms last week increased prices per liter of both gasoline and diesel by P0.40 each, and kerosene by P0.30.

This brought year-to-date adjustments to a net increase of P7.55 per liter for gasoline and P4.85 per liter for diesel, and P1.05 per liter for kerosene as of May 28, 2024. —KBK/RF, GMA Integrated News