Motorists will see mixed fuel price movements this week, with gasoline rising by P0.30 per liter, kerosene dropping by P0.20 per liter, and diesel prices remaining unchanged amid volatile global oil markets and shifting supply dynamics.

In separate advisories on Monday, fuel companies confirmed the price adjustments, which will take effect this morning.

Price movements

Department of Energy Oil Industry Management Bureau Director Rodela Romero said the price movements were driven by oversupply concerns, higher US inventories, a ceasefire agreement between Israel and Hamas, and the looming possibility of a United States government shutdown.

Separately, Jetti Petroleum Inc. president Leo Bellas said diesel prices held firm this week, tracking stable crude markets despite lower-than-expected OPEC+ output increases in November.

“Diesel held firm even while slightly easing, with movement mirroring broader crude markets, which held steady on the lower-than-expected OPEC+ output increases in November,” Bellas said.

Supported by strong regional demand

He added that gasoline prices stayed supported by strong regional demand from China, India and Indonesia.

Bellas explained that import premiums — covering freight costs and supplier margins — pushed gasoline higher and limited diesel rollbacks. These premiums, he said, are expected to ease following the Israel-Hamas ceasefire, which may also temper crude prices.

Last week, fuel firms raised pump prices by P0.20 per liter for gasoline and kerosene, and by P0.80 per liter for diesel.