Mixed oil price adjustment for June 4, 2024

PETROLEUM firms announced on Monday, June 3, 2024, a mixed oil price adjustment.

In their respective advisories, Pilipinas Shell, Cleanfuel, Seaoil and Petrogazz said there will be a P.90 per liter price decrease for gasoline while there will be a price increase of P.60 and P.80 per liter for diesel and kerosene, respectively.

The price adjustment will be effective by 12:01 a.m. in Cleanfuel stations on June 4, 2024, while Pilipinas Shell, Seaoil and Petrogazz will have it implemented at 6 a.m.

The Department of Energy said the price adjustment is brought about by the peso versus US dollar depreciation, the expected production cut by the Organization of Petroleum Exporting Countries (Opec) scheduled on June 2, as well as the increase of demand for diesel as some countries enter into a “driving season.”

It said the price decrease for gasoline was impacted by the stable inventory of the United States. (TPM/SunStar Philippines)