• CHERYL G. CRUZ
A hefty rollback in the prices of petroleum products is expected on Dec. 12, with diesel set to go down by P1.80 to P2 per liter, gasoline by P1.40 to P1.60/L, and kerosene by P1.40 to P1.70/L.
This will be the third consecutive week of price reduction for diesel, with oil companies set to announce the exact adjustments today, Dec. 11.
Mixed movements in pump prices took effect Dec. 5, with gasoline and kerosene increasing by P0.30 and P0.20 per liter, respectively, and diesel down by P0.30 a liter.
The recent adjustments resulted in a net increase of P5.70/L for diesel, P12.60/L for gasoline, and P1.94/L for kerosene since the start of this year, as per oil price monitoring of the Department of Energy.
“Crude prices eased on lower-than-expected OPEC+ (Organization of the Petroleum Exporting Countries and allies) cuts and US inventory build,” the DOE said, adding that Saudi Arabia will rollover its one million b/d (barrels per day) voluntary cuts set to expire at the end of this month, while Russia increased its voluntary cut to 500,000 b/d.
“Both cuts will be through the end of first quarter 2024. Per OPEC statement, they will be joined by additional voluntary cuts of 223,000 b/d from Iraq; 163,000 b/d from the UAE; 135,000 b/d from Kuwait; 82,000 b/d from Kazakhstan; 51,000 b/d from Algeria and 42,000 b/d from Oman,” the DOE added. | CGC
