Kerosene prices down
Fuel retailers have set another round of mixed price adjustments effective today, raising gasoline and diesel prices while reducing kerosene costs for consumers.
The price adjustments were seen reflecting ontrasting trends on the global crude market.
Gasoline will increase by P0.40 per liter and diesel by P0.30, but kerosene will drop by P0.10 per liter on Tuesday, retailers said.
Caltex and Seaoil signified their plan to adopt the same price adjustments.
An independent fuel retailer stated this week that local price adjustments were influenced by contrasting developments between the Organization of the Petroleum Exporting Countries (OPEC) and the United States and Venezuela.
Meanwhile, Jetti, Clean Fuel, and PTT are imposing similar price adjustments for gasoline and diesel.
Seaoil, Jetti, and PTT have set their new prices to take effect from 6 am, Caltex from 6:01 am, and Clean Fuel from 4:01 pm.
Including today’s price adjustments, year-to-date adjustments now stand at a total net increase of P4.50 per liter for gasoline and P3.90 for diesel.
As of May 20, the latest available monitoring from the Department of Energy showed prices per liter in the National Capital Region were at P52.50 for gasoline (RON91), P54.15 for diesel, and P68.92 for kerosene.
Leo Bellas, Jetti Petroleum Inc. president, told reporters that oil prices have weakened on fears of an oversupplied market on expectations that OPEC and its allies will further unwind production cuts.
Bellas added that Iran and the US have ongoing talks after concerns were raised about a possible tighter supply after the American government barred the export of Venezuelan crude oil, which pushed global prices higher.
“Prices also found support on possible new sanctions on Russia, decision by the US to extend the trade deal talks with the European Union, decline in US crude and fuel stockpiles, and the US court ruling on tariffs,” he said.
The Jetti official also mentioned that the other contrasting factors affecting global crude prices were the upcoming end of the refinery maintenance season and the start of the summer travel season in the US.
Rodela Romero, DOE’s Oil Industry Management Bureau director, agreed with the view citing all such factors, but added that an expected economic slowdown in Asia, paired with shifting energy priorities in countries like India, which reduces its fuel demand forecasts, also weighed on prices.
