OIL COMPANIES announced a fresh round of fuel price adjustments set to take effect today, November 25, reflecting another week of mixed movements in the global oil market.
In an advisory on Monday, Petron Corp. and Seaoil Philippines said it would trim pump prices of gasoline by 20 centavos per liter, while diesel prices will climb by 60 centavos per liter. Kerosene, meanwhile, will see the steepest increase at P1.30 per liter.
The adjustments will take effect at 12:01 a.m. for stations implementing early price changes and 6 a.m. for the rest of Seaoil’s network.
Jetti petroleum president Leo Bellas earlier said gasoline prices were likely to soften amid slower regional demand and a notable buildup in US inventories, signaling weaker consumption in the world’s largest oil market.
He cited as key drivers of the upward pressure were reduced exports from Northeast Asian refiners facing maintenance and unplanned shutdowns, limited Chinese outflows and lingering disruptions in Russian supply. (Emmanuel John B. Abris © Philippine Daily Inquirer)
