ABS-CBN
February opens with mixed movement in fuel prices
Gasoline prices are projected to increase by P0.60 to P0.80 per liter starting Tuesday, February 4.
Diesel prices may be rolled back by P1.30 to P1.50 per liter, and kerosene prices could decrease by P0.70 to P0.90 per liter.
The Department of Energy (DOE) stated that an increase in US oil inventory influenced the price adjustment.
Market sentiment has also been affected by US President Donald Trump's tariff threats against Mexico and Canada, and the Chinese New Year.
Market sentiment has also been affected by US President Donald Trump's push for lower oil prices, increased production from major suppliers including OPEC, and a buildup in US crude inventories.
The OPEC+ Joint Ministerial Monitoring Committee is scheduled to meet on February 3 to reassess the oil market situation.
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Effective February 4, gasoline prices will increase by P0.70 per liter, while diesel and kerosene will decrease by P1.15 and P0.90 per liter, respectively.
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Pump prices of petroleum products will be rolled back on Tuesday, January 28, with gasoline prices decreasing by P0.80 per liter, diesel by P0.20, and kerosene by P0.50.
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Motorists will experience the first fuel price rollback of the year starting Tuesday, January 28, with reductions in gasoline, diesel, and kerosene prices.
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