Oil firms in the local market are imposing a hike to the price of gasoline starting May 24, 2022, while rolling back those of diesel and kerosene.

Chevron Philippines Inc., Flying V, Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. announced that they are increasing the prices per liter of gasoline by P3.95, alongside slashing diesel by P2.30, and kerosene by P2.45.

Petro Gazz, Cleanfuel, PTT Philippines Corp., Phoenix Petroleum Philippines Inc., Unioil Petroleum Philippines Inc., and Total Philippines Corp. will implement the same changes to their respective fuel products. However, they will exclude kerosene, which is a fuel they do not carry.

Some firms have still not released an announcement regarding their implementation for the week.

Although domestic pump prices had been on an uptrend for most of the year, they have implemented only six rollbacks during 2022.

Dubai crude oil prices decreased by about $1.70/bbl week-on-week. MOPS gasoline and diesel prices also dropped by about $2.00 and $8.50 per barrel, respectively.

According to the latest data regarding oil monitoring from the Department of Energy (DOE), year-to-date adjustments for gasoline stand at a net increase of P21.60 per liter, while diesel is at P31.40 per liter and kerosene at P27.65 per liter as of May 17, 2022.

The hindrances in implementing Russian oil bans by European Union member countries contributed to rapid declines during the beginning of the week, along with fears of a recession and losses of demand in China. – WhatALife!

Source: (gmanetwork.com), (doe.gov.ph)

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Also read: Oil companies announce fuel price rollback starting May 17