📷adobe.com
Local oil companies are expected to make mixed adjustments in pump prices on Tuesday, May 21, with gasoline prices having a rollback and diesel and kerosene having price hikes after four consecutive weeks.
The oil companies are reducing the pump price of gasoline by 10 centavos per liter, but increasing that of kerosene and diesel by 25 and 30 centavos, respectively.
Starting on Tuesday at 6 AM, Shell Pilipinas and Seaoil will be among the first to implement the mixed fuel price change. Meanwhile, Cleanfuel will put the change into effect at 4:01 PM.
Similar announcements from other companies for the week have not yet been made as of writing.
Oil firms lowered pump prices last week. While gasoline prices increased by P2 per liter, diesel prices decreased by P0.50 per liter.
The cost of kerosene dropped by P0.85 per liter last week as well.
Citing changes in worldwide prices, the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) last week forecasted a decrease in gasoline prices and a rise in diesel and kerosene costs.
“Oil prices rallied as [the] Opec (Organization of the Petroleum Exporting Countries) remains optimistic on oil demand growth despite economic and geopolitical uncertainties,” DOE’s Oil Industry Management Bureau director Rodela Romero said. (TCSP)
