Oil companies set mixed fuel price movements

Metro Manila, Philippines - Pump prices will have mixed movements on Tuesday, June 3.

Caltex and Seaoil on Monday, June 2, announced higher gasoline prices by P0.40 per liter and diesel by P0.30 per liter.

Kerosene cost, meanwhile, will go down by P0.10 per liter.

The Department of Energy (DOE) previously said possible price hikes this week may be attributed to potential new sanctions of the United States on Russia, easing tariff concerns between the US and European Union, and rising geopolitical tensions in oil-producing countries.

The decision of oil-exporting countries to raise production in July and lower demand forecast were possible reasons for price cuts, the DOE said.

With this week’s price movement, year-to-date adjustments for gasoline price is a net increase of P4.50, diesel a net increase of P3.90, and kerosene a net decline of P2.55 per liter.