MOTORISTS who use gasoline will face an increase of as much as P3.50 per liter this week, while diesel and kerosene consumers will benefit from price rollbacks of more than P1 per liter.
The Department of Energy (DoE) said in an advisory on Monday that gasoline prices will climb by P3.50 per liter, while diesel and kerosene prices will ease by P1 and P1.90 per liter, respectively.
The latest adjustment marks the end of two straight weeks of rollbacks for gasoline, while diesel prices are set to decline after two consecutive weeks of increases.
“These adjustments are driven by movements in the global oil market, amid ongoing developments in the Middle East that are affecting global supply and prices,” the DoE said.
The agency said it continues to take steps to strengthen oil supply and safeguard public welfare.
As of Oct. 30, the country’s fuel inventory was enough to meet average daily demand of 73.61 million liters for about 52.95 days, according to DoE data.
The gasoline inventory was equivalent to 52.95 days of demand, diesel 56.66 days, kerosene 148.55 days, jet fuel 58.88 days, fuel oil 63.30 days, and liquefied petroleum gas 35.12 days.
Leo P. Bellas, president of Jetti Petroleum, Inc., said diesel prices had softened due to an easing supply outlook, supported by stock releases and increased exports from China and Russia.
“However, Asian gasoline balances remained tight despite the release of Chinese export quotas as higher imported costs of crude weigh on regional refining economics,” he said.
He added that crude oil prices had rebounded amid growing supply risks, with markets anticipating a possible escalation of the Iran conflict following the US midterm elections. — Sheldeen Joy Talavera