This price adjustment is full of ups and downs this time around, as oil companies are announcing an increase in gasoline prices and a decrease in diesel prices for tomorrow, Tuesday, November 8, 2022. Not to be left out of the price adjustment, kerosene prices will also roll back by P0.35.
As for the rollback, diesel-powered drivers can expect their fuel to be cheaper by P0.50. However, a slight curveball was thrown with gasoline prices jumping by P1.40. As mentioned kerosene prices will go down by P0.35.
Like most price increases and rollbacks, expect these changes to take effect tomorrow, as early as 12:01 AM Tuesday, November 8, 2022, depending on the oil company, or by 6:00 AM for others. Companies like Shell, Petro Gazz, Sea Oil, Clean Fuel, and others are also reporting around the same price changes per liter so expect prices to go up for gasoline and go down for diesel.
Gasoline-powered cars should find the time today before the price increase takes effect. This week marks one of the larger price increases recently. Diesel prices, however, remain high, but a rollback is still a rollback. Gasoline is still more affordable than diesel, however.
The reason why prices are increasing for gasoline is because of crude oil trading in the global market. As we move to the end of the year, there are a few mixed adjustments to be expected. On top of that, the OPEC+ oil production cuts have put a damper on China’s mobility restrictions which have translated into higher fuel prices for Asia. The US Dollar is also starting to weaken, and oil demand can pick up again once other countries’ currencies regain strength against the USD.
Motorists who use gasoline-powered vehicles are advised to fuel up within the day to avoid the price increase. As such, be sure to get a full tank anytime before midnight.