Expect a number of gas-powered vehicles lining up for fuel in most filling stations today.
Oil companies have announced the latest round of price movements for this week. Starting tomorrow, November 8, the price of diesel will be cheaper by PHP 0.50 per liter together with kerosene, which will also have a slight rollback at PHP 0.35 per liter. On the other hand, gasoline prices will jump by PHP 1.40 per liter.
These price adjustments will be imposed as early as 12:01 AM tomorrow, while other oil companies such as Shell, Seaoil, and Petro Gazz will make the changes effective by 6:00 AM. Expect more oil players to follow the same price adjustments once they make their own advisories later in the day.
Crude oil trading in the global market remains uncertain as we move closer to the end of the year, hence the mixed adjustments. The effect of OPEC's oil production cuts has been dampened due to China's mobility restrictions that also reduced fuel demand in the Asian market.
But since the US dollar is starting to weaken, oil demand can increase back up since it makes oil cheaper for countries holding other currencies.
Despite these latest price adjustments, gasoline remains cheaper than diesel by around PHP 6-8 pesos, depending on the location. So are you filling up today or tomorrow? Let us know in the comments.