Oil price movement: Gasoline up 90¢/L, diesel down 20¢/L

Oil prices will have mixed adjustments this week, with the per-liter cost of gasoline rising nearly P1 starting Tuesday, December 3, 2024. Oil companies Seaoil and PetroGazz said in separate advisories on Monday, December 2, 2024, that gasoline will increase by 90 centavos per liter, while diesel and kerosene will decrease by 20 centavos and 40 centavos per liter, respectively. Associated Press file photo

Oil prices will have mixed adjustments this week, with the per-liter cost of gasoline rising nearly P1 starting Tuesday, December 3.

Fuel companies Seaoil and PetroGazz said in separate advisories on Monday that gasoline will increase by 90 centavos per liter, while diesel and kerosene will decrease by 20 centavos and 40 centavos per liter, respectively.

Rodela Romero, director of the Department of Energy (DOE) Oil Industry Management Bureau, said the looming hike in fuel prices could be attributed to the production cuts made by the OPEC+, which is composed of the Organization of the Petroleum Exporting Countries and allies led by Russia.

READ: Oil price hike seen amid supply worries

Crude inventory in the US market also recorded an “unexpected drop,” she added.

Last week, retailers imposed an oil price increase of up to P1.15 per liter.