Gasoline price to roll back Tuesday; diesel, kerosene prices up

Pump prices of gasoline are set to go down on Tuesday, November 5, but diesel and kerosene prices will increase.

In separate advisories, Chevron Philippines Inc. (Caltex), Petron Corp., Seaoil Philippines Corp., and Shell Pilipinas Corp. said they will reduce the prices per liter of gasoline by P0.10.

The prices of diesel, meanwhile, will be hiked by P0.75 per liter, and of kerosene by P0.50 per liter.

Cleanfuel, Petro Gazz, and Unioil Petroleum Philippines Inc. 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.

The adjustments will take effect at 6 a.m. on Tuesday, November 5, for all the firms except for Cleanfuel which will implement the changes at 4:01 p.m. the same day.

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

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said on Friday that the industry estimates are based on international trading in the past four days.

For the anticipated price rollback, Romero cited that “Israel’s Prime Minister will call a meeting for a diplomatic solution to the war in Lebanon” and ease tensions in the Middle East.

Meanwhile, the Energy official said a price hike could be triggered by the optimism over US fuel demand and drop in crude and gasoline inventories, Israel’s retaliatory attack on Iran’s military sites, which avoided oil infrastructure, geopolitical uncertainties, and tighter Asian regional supplies for gas-oil and jet fuel/kerosene.

Firms last week hiked prices per liter of gasoline by P0.20, diesel by P0.50, and kerosene by P0.50.

This brought the year-to-date adjustments to a net increase of P0.20 per liter for gasoline, and P0.50 per liter for both diesel and kerosene as of October 29, 2024. — RSJ, GMA Integrated News