Oil firms will implement price adjustments on fuel products by less than P1 per liter starting 12:01 a.m. today.
In separate advisories on Monday, Caltex, Cleanfuel, Jetti, Petro Gazz, Phoenix Petroleum, PTT, Seaoil, Shell, and Unioil said they will increase gasoline prices by P0.55 per liter while reducing diesel prices by P0.95 per liter.
Caltex, Seaoil, and Shell will also slash kerosene price by P0.95 per liter.
Last week, the International Energy Agency (IEA) said the Israel-Hamas conflict has not had any direct impact on oil flows.
The Organization of Petroleum Exporting Countries and its allies (OPEC+) is expected to pump less crude oil until the end of the year, while Iran is seen to be the world’s second largest source of growth next to the United States.
“Driven by non-OPEC+ growth, global output will increase by 1.5 million barrels per day (b/d) and 1.7 million b/d) in 2023 and 2024, respectively to new record highs,” IEA said.*PNA
