Gas prices up by P0.60, diesel and kerosene down

Fuel retailers will raise gasoline prices by P0.60 per liter starting Tuesday, August 19, while diesel and kerosene prices will decrease by P0.80 and P0.90 per liter, respectively.

The price adjustments reflect trading in the global oil market over the past week and are driven by factors such as higher production expectations from OPEC+ and its allies, a weaker global demand outlook forecasted by the International Energy Agency (IEA), and US President Donald Trump's shifting stance on Russia during talks with Putin.

Seaoil and Caltex announced these changes in separate advisories on Monday, confirming earlier reports from Shell Pilipinas, Seaoil, PetroGazz, and CleanFuel.

The Department of Energy stated that before this week’s rollback, gasoline had seen a net increase of P11.40 per liter since the beginning of the year, while diesel and kerosene posted net increases of P11.95 and P1.75 per liter, respectively.