Gasoline up P0.10/liter; diesel down P0.20, kerosene down P0.40
Local fuel retailers have set mixed adjustments to the consumer costs of their fuel products effective today, raising gasoline prices while cutting those of diesel and kerosene.
Starting early Tuesday, gasoline prices will increase P0.10 per liter, while diesel prices will drop P0.20 per liter and kerosene, by P0.40 per liter.
An independent fuel retailer said this week’s price adjustments were influenced by the perceived weak economic indicators from China and the United States, paired with the reported Israeli preparations for missile strikes against Iran’s nuclear facilities.
Caltex and Seaoil have decided to increase their prices of gasoline by P0.10 per liter, but lowered diesel and kerosene per liter prices by P0.20 and P0.40, respectively.
Jetti is imposing similar price adjustments for gasoline and diesel. It does not sell kerosene products.
Seaoil and Jetti’s new prices were set to take effect from 6 am, Caltex from 6:01 am.
In the year-to-date, as of May 20, a total net increase of P4 per liter for gasoline and P3.80 for diesel have been recorded, and a net decrease of P2.05 per liter for kerosene.
The latest available monitoring from the Department of Energy showed prices per liter in the National Capital Region was at P52.50 for gasoline (RON91), P54.15 for diesel, and P68.92 for kerosene.
Leo Bellas, Jetti Petroleum Inc. president, told reporters that last week’s oil global crude price movements have been “erratic” … “from being weighed down by sentiment over weak US and Chinese’s economies, to rising after reports of Israel preparing for a strike on Iranian nuclear facilities and potential breakdown of talks between the US and Iran over Iran’s nuclear program.”
Bellas added that global crude price benchmarks have also eased after an unexpected large buildup in American crude and fuel inventories, as well as from the rumored discussions between the Organization of the Petroleum Exporting Countries (OPEC) and its allies for a possible production increase by July.
Rodela Romero, DOE’s Oil Industry Management Bureau director, agreed with the Jetti official, but mentioned that OPEC’s plans to increase production is also driven by its continued optimism on global oil demand growth despite economic risks.
