After weeks of increases, motorists can expect a small break on diesel and kerosene, but rising gasoline prices will offset any savings at the pump.
Gasoline prices are set to increase by P0.90 per liter starting Tuesday, Dec. 3. However, there will be some relief for diesel and kerosene users, with prices falling by P0.20 and P0.40 per liter, respectively.
This price adjustment was announced by several major oil companies, including Shell Pilipinas, SeaOil, Caltex, Clean Fuel, and PetroGazz.
Industry analysts attributed the rise in gasoline prices to ongoing geopolitical tensions, particularly the escalating conflict between Russia and Ukraine, which continues to disrupt global oil markets.
Adding to the pressure on prices, the Organization of the Petroleum Exporting Countries (OPEC+) is expected to further delay any increase in oil production following their upcoming meeting.
Meanwhile, China, the world's largest exporter of refined oil, has recently reduced its exports. This could lead to a price spike in neighboring countries, including the Philippines.
While gasoline prices are on the rise, diesel prices have found some support from increased exports from India, which has offset the decline in Chinese production.
In other news, Petron Corporation announced an increase in its liquefied petroleum gas (LPG) prices over the weekend. LPG prices will rise by P1.20 per kilogram, translating to a P13.20 increase for an 11-kg tank.