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Gasoline prices drop by 10¢ per liter, diesel up 25¢ from May 21

By: Jordeene B. Lagare - | May 20,2024 - 11:44 AM

Fuel prices in some Cebu City gas stations as of March 26

Fuel prices are expected to do down this week. INQUIRER FILE PHOTO

MANILA, Philippines — Local fuel companies will adjust fuel pump prices starting Tuesday, May 21.

Gasoline is down by 10 centavos per liter, while diesel and kerosene will increase by 25 and 30 centavos, respectively.

Shell Pilipinas and Seaoil will be among the first to apply the mixed fuel price adjustment on Tuesday at 6 a.m. Cleanfuel will implement the adjustment at 4:01 p.m.

The Department of Energy (DOE) said on Friday that lingering economic and geopolitical uncertainties are the drivers of this week’s pump price adjustments.

READ: Gasoline prices down by P2 per liter, diesel by 50¢ effective May 14

Fuel prices as of May 7: Gasoline cut by 75 cents, diesel by 90

“Oil prices rallied as [the] Opec (Organization of the Petroleum Exporting Countries) remains optimistic on oil demand growth despite economic and geopolitical uncertainties,” DOE’s Oil Industry Management Bureau director Rodela Romero said.

Last Tuesday, a big-time price rollback of petroleum products took effect. Per liter, gasoline decreased by P2 per liter, diesel by 50 centavos and kerosene by 85 centavos.

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TAGS: fuel prices, gasoline stations, oil companies

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