MIXED MOVEMENTS FOR OIL PRICES ON NOVEMBER 5

Diesel and kerosene are set to increase prices while gasoline prices are set for a minor price rollback on Tuesday (Photo courtesy of ABS-CBN News)

Fuel companies will implement mixed adjustments for the prices of petroleum products starting Tuesday, November 5.

In separate advisories several oil firms have announced their price adjustments for the week.

Pilipinas Shell, Seaoil, Caltex (effective 6 a.m.)

Gasoline - P0.10/liter decrease

Kerosene - P0.50/liter increase

Diesel - P0.75/liter increase

Cleanfuel (effective 4:01 p.m.)

Gasoline - P0.10/liter decrease

Diesel - P0.75/liter increase

Petrogazz, Jetti Petroleum (effective 6 a.m.)

Gasoline - P0.10/liter decrease

Diesel - P0.75/liter increase

Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero earlier said that the industry estimates are based on international trading in the past four days.

For the price rollback, Romero cited that “Israel’s Prime Minister will call a meeting for a diplomatic solution to the war in Lebanon” and ease tensions in the Middle East.

Meanwhile, the Energy official said a price hike could be triggered by the optimism over US fuel demand and drop in crude and gasoline inventories, Israel’s retaliatory attack on Iran’s military sites, which avoided oil infrastructure, geopolitical uncertainties, and tighter Asian regional supplies for gas-oil and jet fuel/kerosene.

Last week, oil companies raised the pump prices by up to 50 centavos per liter. The latest price movements pushed the year-to-date adjustments to a net increase of P0.20 per liter for gasoline, and P0.50 per liter for both diesel and kerosene as of October 29, 2024.

Source: ABS-CBN News 

Be part of ImHenyo community!

Get featured by sharing your stories, news, and comments

Email us at [email protected]