1 month ago
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Motorists will feel the pinch at the gasoline pump this week, while those using diesel and kerosene will see some relief.
Effective Tuesday, Febr. 4, gasoline prices will increase by ₱0.70 per liter, while diesel prices will decrease by ₱1.15 per liter. Kerosene will also see a price reduction of 0.90 per liter this week.
Shell Pilipinas, Seaoil, CleanFuel, Caltex, and other oil companies have announced these adjustments.
Last week, gasoline prices averaged between ₱60.95 and ₱72.43 per liter, while diesel cost between ₱58.95 and ₱72.10 per liter. Kerosene was priced at ₱74.77 per liter.
The recent Lunar New Year celebrations in China, a major source of refined oil for the Philippines, contributed to the price fluctuations. Increased travel and festivities boosted demand for gasoline in China.
The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) previously expressed concern about potential oil price spikes due to US President's tariffs on Canada, Mexico, and China.
However, increased diesel production in India and China, coupled with China's prioritization of jet fuel exports, has resulted in lower prices for diesel and kerosene.
