MANILA, Philippines, April 2 ------ In separate advisories, oil companies will implement a mixed adjustment as fuel products increased by P0.45 per liter for gasoline, while diesel and kerosene decreased by P0.60 and P1.05 per liter, respectively.
Today’s adjustment takes effect at 6 a.m. with Jetti, PetroGazz, Caltex and Shell. Meanwhile, CleanFuel and SeaOil’s adjustment takes effect at 12:01 a.m. Oil companies also announced a rollback in its liquefied petroleum gas products. Petron LPG decreased by a peso per kilogram (VAT-inclusive), while CleanFuel and REGASCO products also went down by P0.50 and P0.30 per kg, respectively. According to Department of Energy Oil Industry Management Bureau assistant director Rodela Romero, the reasons for the movement are the “same as last week.”
Romero cited geopolitical movements as one of the drivers for this week’s fuel prices. She added pump prices are attributable as well to the decrease in the US crude inventory. Moreover, the “reduced OPEC exports and supply demand outlook issued by IEA and EIA” kept the price “bullish.”
Source: philstar.com
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