Oil players announce Tuesday's price movements

Running low on fuel? Here's the answer on whether or not to head for your nearest filling stations today.

For the first time this year, oil companies are set to implement a price rollback and a price increase in the same week.

With that said, the price adjustments may either bring a smile or a frown to the face of motorists. Starting tomorrow, May 23, the price of diesel will roll back PHP 2.30 per liter, while kerosene will have a PHP 2.45 per liter price cut. On the other hand, owners of petrol-engined cars may not want to read this, but gasoline will increase by PHP 3.95 per liter.

Diesel to roll back PHP 2.30, Gas up by PHP 3.90 image

Pilipinas Shell, Seaoil, Petro Gazz, and CleanFuel have announced their price adjustments. For the first three oil players, their price movements will take effect by 6:00 AM tomorrow. Meanwhile, CleanFuel will adjust prices of its fuel products by 8:01 AM.

Diesel to roll back PHP 2.30, Gas up by PHP 3.90 image

According to Reuters, the European Union's inability to finalize the agreement on banning Russian oil has stopped oil prices from climbing much higher. However, it still doesn't explain the fact that gasoline prices would still rise despite these claims.

Indeed, the price movement for this week is an unusual one. Don't be surprised if we see gas-powered cars such as taxis and TNVs form a long line in filling stations today.