Mixed fuel price adjustments set on Tuesday, February 4
MANILA, Philippines â Oil companies are set to implement mixed fuel price adjustments on Tuesday, Feb. 4, a week after reducing local pump prices.
In separate advisories, firms said the price of diesel will decrease by P1.15 per liter and kerosene by 90 centavos per liter.
However, gasoline will rise by 70 centavos per liter.
Petro Gazz and Seaoil will adjust their fuel prices by 6 a.m., followed by Cleanfuel at 8:01 a.m.
Industry sources hinted at mixed adjustment in pump prices last week because of some global events, such as US President Donald Trumpâs pronouncements over tariffs.
Rodela Romero, director of the Department of Energyâs Oil Industry Management Bureau Director, said this is attributed to the uncertainty over potential Americaâs tariffs on Canada and Mexico.
Romero also said Trumpâs call for lower oil prices and higher output in the United States and other major suppliers such as the Organization of the Petroleum Exporting Countries (Opec) could trigger mixed fuel price adjustments.
The meeting of the Opec+ Joint Ministerial Monitoring Committee scheduled for Feb. 3 to assess the market situation, could be influence this weekâs pump prices movements, she added.
Jetti Petroleum president Leo Bellas said besides the looming tariffs proposed by Trump, higher diesel export volumes from India and China weighed on prices.
Source: https://business.inquirer.net/504563/mixed-fuel-price-adjustments-set-on-tuesday-february-4