Motorists gas up at a Petro Gazz station in Cainta, Rizal on March 10, 2022. Mark Demayo, ABS-CBN News/File 

MANILA — Fuel prices will see mixed adjustments in the second week of December, the Department of Energy said Friday.  

DOE Oil Industry Management Bureau Director Rodela Romero said prices would go up for gasoline and decrease for diesel and kerosene by the following amounts. 

Gasolina - P0.10 to P0.30 per liter increase
Diesel - P0.40 to P0.70 per liter decrease
Kerosene - P0.40 to P0.60 per liter decrease 

The mixed price movement is demand-driven, Romero said. 

“It so happened na mas mataas ang demand sa gasoline kumpara sa diesel. Tayo po ma-diesel, pero may malalaking bansa na ang ginagamit ay gasolina,” she told TeleRadyo Serbisyo. 

The conflict between Israel and Hezbollah and the decision of some-oil producing countries to extend supply cuts also influenced prices, the official said. 

Saudi Arabia, Russia, and several other OPEC+ countries agreed Thursday to extend oil supply cuts for three months through March to avoid a sharp drop in prices in a global market awash in crude.

The supply cuts are only having a muted impact on the market, with US president-elect Donald Trump expected to adopt policies to boost US oil output while China's demand outlook is lackluster as its economy languishes.

The International Energy Agency said last month that even if the OPEC+ cuts remain in place, global supply will exceed demand by more than one million barrels per day next year.

OPEC+ nations are currently holding back six million barrels of oil a day, including the 2.2 million barrels a day of output that they had been discussing putting back on the market.

— With a report from Agence France-Presse