MANILA: Oil companies will implement mixed price adjustments starting 12:01 a.m. on Tuesday.
In separate advisories, Cleanfuel, Petro Gazz, Seaoil, and Shell said they would slash gasoline prices by PHP0.90 per liter while increasing diesel prices by PHP0.60 per liter.
Seaoil and Shell will also hike kerosene prices by PHP0.80 per liter.
Other oil companies are expected to follow suit.
Last week the Department of Energy (DOE) said the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to further limit their output affected the price of crude oil in the global market.
According to DOE, with the price movement implemented by oil firms in the previous week, prices of gasoline and diesel year-to-date recorded a net increase of PHP7.55 per liter and PHP4.85 per liter, respectively.
On the other hand, kerosene prices still had a net decrease of PHP1.05 per liter, year-to-date.
Source: Philippines News Agency