Gas Prices Rise Again for 6th Week Straight, Diesel and Kerosene to Rollback, Gas Stations Say

PUMP PRICE UPDATE – Various gas stations in the country announced mixed oil price adjustments this week.

One of the most immediate impacts of oil price changes is felt in transportation costs. Higher oil prices typically lead to increased fuel prices, affecting public transportation fares and the cost of goods and services that rely on transportation for distribution.

This can result in higher commuting expenses for individuals and higher prices for consumer goods.

On Monday (April 22, 2024), the Department of Energy, gasoline prices are set to increase for the sixth consecutive week on Tuesday (April 23, 2024), while diesel and kerosene prices will roll back.

Pilipinas Shell Petroleum Corp. and Seaoil Philippines Corp. announced in separate advisories that they will raise gasoline prices by P0.55 per liter and reduce diesel prices by P0.95 per liter and kerosene prices by P1.10 per liter.

Since kerosene is not one of their products, Cleanfuel will likewise adjust its prices appropriately. The updated prices will take effect at six in the morning for all gasoline stations.

Other businesses still haven’t announced their weekly price changes.

Due to ongoing geopolitical tensions and the unexpected decline in fuel consumption in major economies, the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) had earlier projected increases in gasoline prices and drops in diesel and kerosene prices.

As of April 16, 2024, oil firms increased the price of gasoline by P0.40 per liter, diesel by P0.958 per liter, and kerosene by P0.85 per liter last week.

As of April 16, 2024, year-to-date net adjustments indicate a net increase of P9.70 per liter for gasoline, P7.00 per liter for diesel, and P2.25 per liter for kerosene, according to the most recent data from the Department of Energy (DOE).

READ ALSO: Fuel Companies Eye Mixed Pump Price Adjustments Next Week

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