After rollback, oil price hikes return

October 12, 2019

AFTER two consecutive weeks of price rollback, local oil firms are expected to increase the pump prices of gasoline while a minimal decrease in diesel and kerosene prices is expected next week.

In its weekly forecast the Department of Energy (DOE) said a slight increase ranging from 20 centavos to 30 centavos per liter will be implemented on gasoline products while no movement or at least a reduction of 10 centavos per liter of diesel and P0.35 centavos to P0.45 centavos for kerosene.

Independent oil firms are expected to announce their price movements today, while other oil firms, including major players Petron Philippines, Pilipinas Shell and Caltex Philippines, are expected to implement price movements this coming Tuesday.

Last Tuesday the majority of oil companies slashed gasoline prices by 80 centavos per liter, diesel by P1.00 per liter and kerosene by P1.15 per liter.

Oil companies’ mixed adjustments of prices reflect the movement of rates on the international market.