Fuel price update: Diesel up by 10¢ per liter, kerosene down 85¢

MANILA  -The pump price of gasoline will be unchanged this week while that of diesel will rise by 10 centavos per liter, the Department of Energy (DOE) said on Monday.

In an advisory, the DOE Oil Industry Management Bureau (OIMB) said the price of kerosene would decline by 85 centavos per liter on Tuesday, Dec. 19.

DOE OIMB Director Rodela Romero explained that the increase in the price of diesel was on the back of possible output cuts by major oil exporters and the US International Energy Agency’s (IEA) upgrade of its demand forecast.

Shell and Seaoil will implement the price adjustments by 6 a.m., followed by CleanFuel at 4:01 p.m.

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Last week, the IEA projected in its December oil market report that global consumption next year would climb by 1.1 million barrels per day (b/d) due to the “normalizing” demand, “as COVID-related distortions fade.”

READ: OPEC sticks to 2024 oil demand growth forecast

The rollback, meanwhile, was brought about by “lackluster demand in Asia, particularly China and India,” Romero said.