Gas prices up, diesel down today in Philippines

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Oil companies have implemented mixed adjustments in pump prices.

Gasoline will increase by P0.10 per liter, while diesel products will decrease by P0.10 per liter. There is no change in kerosene prices.

Today's adjustment takes effect at 6 a.m. with Jetti, PetroGazz, SeaOil, Unioil and Shell. Caltex and CleanFuel implemented their adjustments at midnight.

The mixed adjustments were estimated last Friday by Department of Energy (DOE)-Oil Industry Management Bureau assistant director Rodela Romero.

'The primary reason for the rollbacks is the forecast of the US DOE Energy Information Administration that US crude production will rise in 2024 and 2025, and will offset to some extent the OPEC+ production cut,' Romero said.

The same forecast said there will be a global oil deficit of 260,000 barrels per day (BPD) this year and a surplus of 360,000 BPD in 2025, the DOE official added.

However, factors that pull oil prices up are attributed to the increase in oil demand of the US and India, and the drop in US crude inventories.

Moreover, Romero's estimations concern the Russia-Ukraine conflict, namely the attack on Russia's four largest refineries.

This has 'contributed to the increase of oil prices or to the lowering down of the amount of the expected rollbacks,' Romero said.

Ukraine struck Russian oil refineries on Wednesday with drone attacks.

Last week, oil companies implemented a rollback on pump prices by P0.50 per liter for gasoline, P0.25 per liter for diesel and P0.30 per liter for kerosene.