The various fuel retailers have raised the price of their gasoline products but cut the cost of diesel and kerosene.
Seaoil and Caltex raised the price of their gasoline by P0.30 per liter and kerosene by P0.20 per liter but cut the sale of diesel by P0.30 per liter.
Jetti, PTT and Phoenix Petroleum also adjusted their pump price upward by P0.30 for gasoline but reduced the cost of diesel by P0.30 per liter.
The adjustments take effect beginning midnight Tuesday, 5 December.
The adjustments resulted from mixed signals generated by traders traders after the Organization of the Petroleum Exporting Countries (OPEC) and its allies announced last week the reduction of 2.2 million barrels per day (bpd) from the global market in the first quarter next year.
The agreement includes the sustained voluntary cuts by Saudi Arabia and Russia of 1.3 million bpd.
The price per liter of gasoline (RON95) in Metro Manila average P64.65, diesel at P59.65 per liter and kerosene at P72.79 per liter.
Department of Energy data also show a net increase of P12.30 per liter for gasoline, P6 per liter for diesel and P1.74 per liter for kerosene.
Reuters reported that as of Friday last week, brent crude futures for February settled at $78.88 a barrel while US West Texas Intermediate crude futures dropped to $74.07 per barrel.
The report mentioned that investors are not 100 percent sure that OPEC and its allies can fully comply with its announced voluntary production cuts.
Amid the said development, Rino Abad, director of the DOE’s Oil Industry Management Bureau, said there is a current goal to issue a department circular by next month on the planned transition period for oil companies and coco methyl esther producers to comply with the one percent increase of biodiesel blend to three percent (B3).
The DOE added that the circular will be issued by next month but the actual implementation of the increased biodiesel blend to B3 will be likely by July 2024.
