Local fuel companies implemented mixed price adjustments after a brief hike in the cost of diesel and kerosene products last week.
Seaoil and Caltex increased per liter prices by P0.30 for gasoline and P0.20 for kerosene but reduced the cost of diesel by P0.30 per liter.
Jetti, PTT and Phoenix Petroleum also adjusted per liter prices upward by P0.30 for gasoline but moved the per liter cost of diesel downward by P0.30.
Today’s price hikes were mainly a result of mixed signals from traders after the Organization of the Petroleum Exporting Countries (OPEC) and its allies announced last week that they agreed to remove around 2.2 million barrels per day (bpd) of oil from the global market in the first quarter of next year.
The agreement included the rollover of Saudi Arabia and Russia’s 1.3 million bpd of current voluntary cuts.
Data from the Department of Energy (DOE) as of November 30 showed that Manila price per liter of gasoline (RON95) stood at P64.65, diesel at P59.65 and kerosene at P72.79.
DOE data also showed year-to-date adjustments as of November 30 stood at a total net increase of P12.30 per liter for gasoline, P6 per liter for diesel and P1.74 per liter for kerosene. – Jed Macapagal
