Fuel price adjustments expected on March 5

CITY OF SAN FERNANDO --- Oil firms announced over the weekend that adjustments on the prices of fuel are expected this week, March 5-11, 2024.

Fuel companies led by Unioil, Seaoil, PTT, Seaoil, Petro Gazz and Total said the prices per liter of diesel and kerosene are expected to go down while gasoline may increase.

Diesel and kerosene are projected to go down by P0.10/liter to P.035 respectively, while gasoline is seen to increase by P0.10 per liter.

Oil companies on February 27, 2024 slashed gasoline by P0.70 to P0.90 per liter, diesel by P1.00 to P1.20 per liter and kerosene by P0.90 to P1.00 per liter.

It will be the fifth price rollback for diesel and kerosene, and the eight increase recorded since January 1 this year.

The Department of Energy (DOE) estimated the downward adjustments for diesel prices from by P0.30 to P0.60 per liter, kerosene by P0.30 to P0.50 per liter, while the increase in gasoline is from P0.40 to P0.50 per liter, with final price estimates to be after March 1, after Friday's trading price movements.

The DOE attributed the price adjustments to the extension of the Organization of the Petroleum Exporting Countries output cut and Russia's six-month ban on gasoline exports which started on March 1, 2024.

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