Pump prices a mixed bag this week

Metro Manila, Philippines — Pump prices are heading in different directions this week, industry sources said on Monday, Dec. 2.

Gasoline prices will rise by P0.90 per liter. Diesel and kerosene costs, meanwhile, will be cut by P0.20 and P0.40 per liter, respectively.

The price adjustment will be effective starting Dec. 3.

The Energy Department said China’s downward consumption and crude supply plateauing at lower levels after the Israel-Hezbollah ceasefire contributed to the rollback.

The price hike, the agency said, may be attributed to the possible drop in the United States’ crude inventory, while the Organization of the Petroleum Exporting Countries Plus cuts will be “rolled over again and the easing of the output curbs could begin gradually in April 2025.”