Diesel Price Rise for 5th Straight Week, Gasoline Price Drops

For the fifth-straight week, oil firms announce a hike in diesel prices, while also announcing a rollback in gasoline price for the first time in five weeks.

Cleanfuel, Petro Gazz, and Seaoil in separate announcements said that they will reduce gasoline prices by PHPPHP0.20 per liter starting today. Cleanfuel also announced an increase to their diesel price by PHP0.20 per liter.

Kerosene price for this week will remain the same.

Other oil firms are expected to follow suit in implementing similar price adjustments to their oil products.

The continuous hike in oil prices comes as demand for oil products has risen globally as China, Europe, and the United States continue to recover from the coronavirus disease 2019 (COVID-19) pandemic.

However, global oil prices also continue to be affected by separate COVID-19 surges in other major oil-demanding countries such as India and Japan. (GFB)