MANILA, Philippines, May 21 ------ After rolling back their prices exactly a week ago, oil companies applied a mixed adjustment on pump prices effective today.
The price of gasoline per liter was cut by 10 centavos while those of diesel and kerosene per liter was hiked by 25 centavos and 30 centavos, respectively. Jetti Petroleum, Petro Gazz, PTT Philippines, Shell Pilipinas and Seaoil were the first to implement the price adjustments at 6 a.m., followed by Caltex at 6:01 a.m. Cleanfuel was the last to adjust its prices at 4:01 p.m.
Rodela Romero, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, said several reasons caused the mixed movement of local fuel prices. These included the Organization of the Petroleum Exporting Countries’ (Opec) production cut, the decline in US oil inventories and the Opec still optimistic about the growth in oil demand amid economic and geopolitical uncertainties that caused the uptrend in gasoline prices.
As for the decrease in diesel and kerosene prices, Romero said this was caused by the easing conflict between Israel and Iran, the delay in the Federal Reserve’s rate cut and global economic indicators.
Source: inquirer.net
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