Prices of gasoline, kerosene to increase; diesel going down

MANILA  -Pump prices of petroleum products will have a mixed movement on Tuesday, Dec. 5, as major oil exporters are expected to implement supply cuts.

In separate advisories, local oil companies said they the price of gasoline would climb by P0.30 per liter, while diesel would roll back by P0.30 per liter. The price of kerosene will also increase by P0.20 per liter.

CleanFuel will implement the price adjustments by 12:01 a.m., followed by Petro Gazz and Shell at 6 a.m.

According to the Department of Energy (DOE) Oil Industry Management Bureau, the increase in gasoline prices was triggered by a “storm-related drop in Kazakhstan oil output, softer US dollar and decline in US inventories.”

Last week, oil firms hiked the prices of diesel and kerosene by P0.30 per liter and P0.65 per liter, respectively. Gasoline had no change.

This resulted in a year-to-date net increase of P6 per liter for diesel, P1.74 per liter for kerosene, and P12.30 per liter for gasoline, the DOE said.