Jamaine Punzalan

Motorists gas up at a Petro Gazz station in Cainta, Rizal on March 10, 2022. Mark Demayo, ABS-CBN News/File 

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OIL PRICE HIKE

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:900px"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/173344059148320220310-gazz-oil-rollback-MD-5357.jpg" style="width:900px" class="fr-fic fr-dib"/><span class="fr-inner" style="text-align:left">Motorists gas up at a Petro Gazz station in Cainta, Rizal on March 10, 2022. Mark Demayo, ABS-CBN News/File </span></span></span></div><p>MANILA — Fuel prices will see mixed adjustments in the second week of December, the Department of Energy said Friday.  </p><p>DOE Oil Industry Management Bureau Director Rodela Romero said prices would go up for gasoline and decrease for diesel and kerosene by the following amounts. </p><p>Gasolina - P0.10 to P0.30 per liter increase<br/>Diesel - P0.40 to P0.70 per liter decrease<br/>Kerosene - P0.40 to P0.60 per liter decrease </p><p>The mixed price movement is demand-driven, Romero said. </p><p>“It so happened na mas mataas ang demand sa gasoline kumpara sa diesel. Tayo po ma-diesel, pero may malalaking bansa na ang ginagamit ay gasolina,” she told TeleRadyo Serbisyo. </p><div><script data-wid="auto" type="text/javascript" src="https://content.viralize.tv/display/?zid=AAEyze-tm4MR6kEa&amp;cid=ABRXh3oSah2IZv2B&amp;activation=click&amp;vip_mode=playing&amp;vip_position=bottom-right"></script></div><p>The conflict between Israel and Hezbollah and the decision of some-oil producing countries to extend supply cuts also influenced prices, the official said. </p><p>Saudi Arabia, Russia, and several other OPEC+ countries agreed Thursday to extend oil supply cuts for three months through March to avoid a sharp drop in prices in a global market awash in crude.</p><p>The supply cuts are only having a muted impact on the market, with US president-elect Donald Trump expected to adopt policies to boost US oil output while China&#x27;s demand outlook is lackluster as its economy languishes.</p><p>The International Energy Agency said last month that even if the OPEC+ cuts remain in place, global supply will exceed demand by more than one million barrels per day next year.</p><p>OPEC+ nations are currently holding back six million barrels of oil a day, including the 2.2 million barrels a day of output that they had been discussing putting back on the market.</p><div><strong>— With a report from Agence France-Presse </strong></div>

<p>Fuel prices will see mixed adjustments in the second week of December, the Department of Energy said Friday.</p>

Fuel prices will see mixed adjustments in the second week of December, the Department of Energy said Friday.

Fuel prices: Gasoline to go up; kerosene, diesel down in second week of December

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Fuel prices: Gasoline to go up; kerosene, diesel down in second week of December

ABS-CBN News

Published December 06, 2024 07:29 AM PHT

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Updated December 06, 2024 07:59 AM PHT

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