• CHERYL G. CRUZ
There will be a mixed oil price adjustments that will take effect tomorrow, Oct. 17, with diesel and kerosene expected to go down by at least P1 a liter, while gasoline could go up by about P0.60/L.
Oil companies announced over the weekend that diesel should go down by P1 to P1.10/L and kerosene by P0.60 to P1.10/L, while the price of gasoline will increase by P0.40 to P0.60/L.
The exact price adjustments will be known today, Oct. 16.
This will be the fourth consecutive week that the price of kerosene will go down, and the second for diesel.
Pump prices also rolled back, effective Oct. 10, at P3.05/L for gasoline, P2.45/L for diesel, and P3/L for kerosene.
These price adjustments resulted in a net increase of P12.25 a liter for gasoline, P11.35/L diesel, and P5.94/L for kerosene since the start of this year, the Department of Energy Oil Monitor showed.
“The week-on-week price of Dubai crude has decreased by around $5.80/bbl,” the DOE said, adding that MOPS prices for gasoline, diesel, and kerosene have fallen by around $8.70, $6.40, and $7.20 per barrel, respectively.
It explained that “market focus turned to global macroeconomic worries, following expected supply cut extensions by the OPEC+. Saudi Arabia will continue with a voluntary cut of one million b/d until end-2023, while Russia will maintain a 300,000 b/d voluntary export curb”. | CGC
