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The country’s oil firms implemented a mixed oil price movement on Tuesday with diesel and kerosene increasing by P0.60 and P0.80 per liter, respectively while gasoline prices were rolled back by P0.90 per liter effective 6am Tuesday.
Department of Energy director for the oil industry management bureau, Rino Abad, said OPEC+ decision to extend the production cut of 3.66 million barrels per day from June to end 2025 “was disappointing”. Other factors affecting world oil prices include seasonal demand uptick due to forthcoming summer season and the announcement of the United States on the release of millions of barrels of gasoline products from government reserves to lower prices at the pump.
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