Mixed shift: Gas inches up, diesel and kerosene down

The movement of fuel prices this week brings either relief or added burden to motorists, with adjustments taking effect tomorrow morning following last week's pump price hikes.

In separate advisories, oil companies confirmed that gasoline prices will increase by P0.10 per liter, while diesel and kerosene will go down by P0.20 and P0.40 per liter, respectively.

“For rollback, reports of progress toward the US-Iran nuclear deal, cooling global US-China trade tensions, and additional crude oil storage capacity from Iran’s export terminal (were factors for the price movement),” Rodela Romero, director at the Department of Energy’s Oil Industry Management Bureau, said.

She noted that some developments continued to exert upward pressure on prices. “OPEC remains optimistic about global oil demand growth despite economic risks,” she said.

Jetti Petroleum President Leo Bellas separately pointed out that global oil prices have been erratic, weighed down by weak US and Chinese economic data but supported by tensions in the Middle East.

He also cited renewed US-Iran nuclear talks, higher-than-expected US crude inventories, and discussions on a possible OPEC+ production hike as factors helping ease global price benchmarks.

Last week, fuel prices climbed, with gasoline up by P1.20 per liter, diesel by P1.70 per liter, and kerosene by P1.20 per liter.