• CHERYL G. CRUZ
A mixed movement in the prices of petroleum products welcomes motorists this December, oil companied announced over the weekend.
Expect prices of gasoline to increase by P0.60 to P0.80 per liter, and diesel and kerosene to decrease by P0.20 to P0.50/L, and by P0.20 to P0.40/L, respectively. Final adjustments will be known today, Dec. 2, with movements regularly enforced every Tuesday.
The price of liquefied petroleum gas (LPG) this month, meanwhile, increased by P1.20/kg, inclusive of the value-added tax.
Petron said the increase in LPG prices effective Dec. 1 reflects the international contract price of LPG for the month of December. The adjustment is equivalent to a P13.20 hike on the price of an 11-kilogram LPG cylinder.
The Department of Energy, on the other hand, said the week-on-week price of Dubai crude has increased by almost $1.00 per barrel, while the international price of gasoline, diesel, and kerosene also increased by about $2.10, $2.00, and $1.70 per barrel, respectively.
“The crude oil futures rose amid growing supply-side concerns following Russia’s recent warning that it reserves the right to target countries supplying weapons to Ukraine, and its deployment of a new ballistic missile on Ukraine,” the DOE said as per its oil monitor.
Last week, oil companies implemented an increase of P1.15/liter for gasoline, P1.10/liter for diesel, and P0.80/liter for kerosene.
The latest hike resulted in a net increase of P10.45/liter and P9.75/liter for gasoline and diesel, respectively, and a net decrease of P1.50/liter for kerosene, since the start of this year, the DOE added. | CGC
