Domestic pump prices had a mixed movement on Tuesday with gasoline prices going up by P0.40 per liter amid the ongoing volatility in the world oil
Domestic pump prices had a mixed movement on Tuesday with gasoline prices going up by P0.40 per liter amid the ongoing volatility in the world oil prices.
The Department of Energy said last week gasoline will increase by P0.10 to P0.30, while diesel and kerosene are expected to have a rollback. Romero cited among the reasons for the oil price hike the uncertain geopolitical climate in the Middle East particularly the recent strikes between Israel and Hezbollah, and delays in increased oil production by the Organization of Petroleum Exporting Countries and its allies .
Jetti Petroleum president Leo Bellas said primary drivers of next week’s oil price movement include geopolitical tensions which have kept prices volatile and ample diesel supply in Asia due to increased outflows from India weighed on the price. On Dec. 3, oil companies implemented a mixed adjustment on the price of petroleum products.
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