Fuel prices will see mixed changes this week, with gasoline dropping slightly while diesel and kerosene rise. The various retailers will implement the adjustments by Tuesday morning.
Gasoline prices will fall by P0.20 per liter, while diesel and kerosene will go up by P0.60 and P1.30 per liter, respectively. Petron, Seaoil, Jetti, and PTT will adjust their prices by 6:00 a.m., while Caltex will make similar changes at 6:01 a.m., including a slightly higher P1.60 per liter increase for kerosene.
Leo Bellas, president of Jetti Petroleum, said the price movements are influenced by potential US sanctions on Russian oil companies and ongoing geopolitical tensions related to Russia’s war in Ukraine.
Diesel and other middle distillates remain strong due to supply concerns from refinery maintenance, unplanned outages, and limited exports from China. Meanwhile, gasoline prices eased this week because of slower demand in Asia and rising US gasoline inventories, signaling reduced consumption in the world’s largest economy.
Fuel prices have already increased recently, with last week seeing hikes of P1.20 per liter for gasoline and diesel. Year-to-date, prices have risen by P19.70 for gasoline, P24.65 for diesel, and P9.95 for kerosene.
In the National Capital Region, prices for the 18 to 24 November period averaged P56.70 per liter for RON 91 gasoline, P57.95 for diesel, and P79.60 for kerosene.
