Gas prices up, diesel down starting May 27

Starting Tuesday morning, pump prices for gasoline will increase by P0.10 per liter while diesel prices will decrease by P0.20 per liter.

Chevron Philippines Inc., Petron Corp., Seaoil Philippines Corp., Shell Pilipinas Corp., Cleanfuel, Petro Gazz, and PTT Philippines Corp. have announced these changes, effective from 6 a.m. on May 27, with the exception of Cleanfuel which will implement them at 8:01 a.m.

Caltex and Seaoil also confirmed they would reduce kerosene prices by P0.40 per liter.

The adjustments follow last week's significant increase in fuel prices, with gasoline rising by PHP1.20 per liter and diesel by PHP1.70 per liter.

According to the Department of Energy, current retail prices for gasoline in Metro Manila range from PHP44 to PHP73.20 per liter, PHP44 to PHP67.47 per liter for diesel, and PHP67.70 to PHP82.94 per liter for kerosene.

OPEC's optimism about global oil demand growth despite economic risks also influenced these price adjustments.