Conversely, diesel prices have dropped by P0.50 cents, while the cost of kerosene decreased by P0.75 per liter.
(Photo from Taguig.com)
Director Rodela Romero of the Department of Energy (DOE) Oil Industry Management Bureau stated that the ongoing price increase of gasoline is influenced by the escalating situation in the Middle East, particularly the exchange of bombings between Israel and Hezbollah.
Romero also added that the decision of Opec+, an organization comprising the Organization of the Petroleum Exporting Countries and allies led by Russia, to defer oil production could be affecting the movement of gasoline prices.
Last week, the adjustment in prices for petroleum products was mixed, where gasoline increased by P0.90 per liter and diesel decreased by P0.20, with kerosene also dropping by P0.40 per liter.
Based on data from the DOE as of December 5, 2024, the total increase in gasoline prices since January is P11.35 per liter, and for diesel, it's P9.55 per liter. Conversely, kerosene has seen a total decrease of P1.90 per liter since January.
