The Department of Energy (DOE) announced on Monday that fuel prices this week could either decrease by up to PHP0.78 per liter or increase by as much as PHP1.90 per liter, based on its latest data.
Price ranges for gasoline, diesel, and kerosene
According to the DOE, gasoline prices may drop by up to PHP0.10 per liter or rise by as much as PHP1.90 per liter. Diesel prices could see a rollback of up to PHP1.16 per liter or an increase of up to PHP0.84 per liter. Kerosene may either be reduced by PHP0.78 per liter or hiked by PHP1.22 per liter.
Oil companies announce specific adjustments
Seaoil issued an advisory stating it will increase gasoline by PHP1.65 per liter, diesel by PHP0.84 per liter, and kerosene by PHP1.22 per liter, effective 6 a.m. Tuesday. Petron also announced price hikes: gasoline by PHP1.70 per liter, diesel by PHP0.80 per liter, and kerosene by PHP1.20 per liter.
Factors behind the mixed price movements
Energy officials attributed the subdued fuel price movements to positive developments in the Middle East, particularly the resumption of peace negotiations between the United States and Iran. The DOE data released on Monday showed the range of possible adjustments, reflecting market uncertainties.
