MANILA — Oil companies in the Philippines, including major players like Caltex, Cleanfuel, Jetti, Petro Gazz, Seaoil, Shell, and Petron, have announced they will adjust fuel prices effective 12:01 a.m. on March 5.
According to Philippines News Agency, gasoline prices will see an increase of PHP0.50 per liter, while diesel prices will be reduced by PHP0.40 per liter. Additionally, Caltex, Seaoil, Shell, and Petron will roll back kerosene prices by PHP0.35 per liter, with other oil firms expected to announce similar price adjustments.
This move comes after a week of rollbacks where gasoline prices were reduced by PHP0.70 per liter, diesel by PHP0.95 per liter, and kerosene by PHP1.10 per liter. Following these adjustments, the price of gasoline in Metro Manila now ranges from PHP56.30 to PHP8.125 per liter, diesel from PHP54 to PHP83.61 per liter, and kerosene from PHP72.44 to PHP83.83 per liter.
The Department of Energy has highlighted that the year-to-date adjustment for gasoline, diesel, and kerosene stands at a net increase of PHP5.45 per liter, PHP4.45 per liter, and PHP0.40 per liter, respectively. These adjustments reflect the volatile nature of global oil prices and their impact on local fuel costs.