Motorists face mixed adjustments at the pumps this week, with gasoline costs easing and diesel prices rising after five straight weeks of across-the-board increases.
Jetti Petroleum said prices of gasoline will drop on Tuesday by P0.20 to P0.40 per liter, while prices of diesel will move up by P0.70 to P0.90, reflecting last week’s crude trading. Kerosene may climb by about P0.40 per liter, preliminary monitoring by the Department of Energy (DOE) showed
Leo Bellas, Jetti president, said diesel hikes were aggravated by the peso’s depreciation against the US dollar.
The rise in diesel prices is driven by “worries that ongoing supply risks could disrupt flows and affect supply in Asia, as well as stabilizing industrial activity in Europe and increased demand for the harvest season in the US,” Bellas said.
By contrast, gasoline prices are easing on the back of ample Asian supply. Bellas noted rising inventories and China’s latest export quota release, with exports expected to slow as the summer driving season ends.
DOE Oil Industry Management Bureau director Rodela Romero added that the global oil market remains bullish amid geopolitical tensions, though additional supplies are expected as Iraq resumes pipeline exports to Turkey.
The mixed adjustments follow last week’s hikes of P1 per liter for gasoline and kerosene, and P0.80 for diesel. Since late August, prices have risen P3.50 for gasoline, P4.20 for diesel, and P2.80 for kerosene.
In the year to date, pump prices are up P14.90 for gasoline, P16.15 for diesel, and P4.55 for kerosene, as shown by DOE data. As of September 23–29, average pump prices in Metro Manila stood at P56.50 per liter for RON 91 gasoline, P56.90 for diesel and P77.11 for kerosene.
