MANILA, Philippines — Local oil companies will implement a mixed adjustment in fuel pump prices effective Tuesday, May 21.
The oil firms are cutting the pump price of gasoline by 10 centavos per liter but raising those of diesel and kerosene by 25 centavos and 30 centavos, respectively.
Shell Pilipinas and Seaoil will be among the first to apply the mixed fuel price adjustment on Tuesday at 6 a.m. Cleanfuel will implement the adjustment at 4:01 p.m.
The Department of Energy (DOE) said on Friday that lingering economic and geopolitical uncertainties are the drivers of this week’s pump price adjustments.
READ: Gasoline prices down by P2 per liter, diesel by 50¢ effective May 14
“Oil prices rallied as [the] Opec (Organization of the Petroleum Exporting Countries) remains optimistic on oil demand growth despite economic and geopolitical uncertainties,” DOE’s Oil Industry Management Bureau director Rodela Romero said.
Last Tuesday, a big-time price rollback of petroleum products took effect. Per liter, gasoline decreased by P2 per liter, diesel by 50 centavos and kerosene by 85 centavos.
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