In brief
Shell, Seaoil, PetroGazz and Jetti Petroleum increased gasoline prices by 3.50 pesos per liter and reduced diesel prices by 1 peso per liter, according to a local media report referenced by Xinhua. The change follows last week’s opposite movement. The Philippines has limited domestic refining capacity, leaving fuel prices vulnerable to international market swings.
On Tuesday, Philippine oil companies raised gasoline prices by 3.50 pesos per liter, while lowering diesel prices by 1 peso per liter, a change reported by local media and cited by Xinhua. Shell, Seaoil, PetroGazz and Jetti Petroleum were the firms that made the adjustments.
Shell and Seaoil also cut kerosene prices by 1.90 pesos per liter, reversing last week’s moves when gasoline prices fell by 0.30 pesos per liter and diesel and kerosene rose by 1.20 and 0.50 pesos per liter respectively.
The shift follows the Philippines’ ongoing challenges with limited domestic production and refining capacity, which makes the market heavily dependent on energy imports and susceptible to international price fluctuations.
Local media outlet The Manila Times supplied the specific price figures that Xinhua used in its report, confirming the corporate actions.