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Oil Companies to Increase Gasoline Prices, Cut Diesel and Kerosene Rates Next Week

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Economy News

Gasoline Prices,Diesel Prices,Kerosene Prices

Oil companies are expected to raise gasoline prices by P0.70 to P0.90 per liter while cutting diesel and kerosene prices by P0.20 to P0.40 per liter next week, according to the DOE. Additionally, Petron will increase LPG prices by P1.20/kg from December 1, 2024. Recent price hikes of up to P1.15 per liter for gasoline and diesel were announced on November 26, 2024.

Oil companies are set to increase gasoline prices, but price cuts on diesel and kerosene are expected next week.- Advertisement -

The DOE explained that a global oversupply of fuel is expected in the first quarter of 2025, along with a low demand.Petron meanwhile announced that for LPG, it will increase prices by P1.20/kg on Sunday, December 1, 2024. LPG firm Regasco earlier said it is also imposing an additional P0.50/kg. Seaoil Philippines, Chevron Philippines, Jetti Petroleum, PetroGazz, and PTT Philippines issued separate advisories of the latest oil price hike of P1.15 per liter for gasoline, P1.10 per liter for diesel, and kerosene by P0.80 per liter.

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