Gas down, diesel up Tuesday

Motorists will see a mixed impact at the pump starting tomorrow morning as gasoline prices ease while diesel and kerosene climb amid fluctuating global crude markets.

Gasoline will retreat by P0.20 per liter, diesel will rise by P0.60 per liter, and kerosene will go up by P1.30 per liter.

Rodela Romero, Director at the Department of Energy Oil Industry Management Bureau, pointed to a softening market, citing “signals from OPEC+ and weak global economic indicators” as signs of oversupply. 

She added, however, that prices are also being pulled up by a “modest rebound driven by heightened geopolitical risks, especially due to the sanctions imposed on Russia, Iran, and Venezuela.”

Jetti Petroleum President Leo Bellas, on the other hand, noted that middle distillate prices remain firm on tight supply due to reduced Northeast Asia outflows, China’s limited exports, and continued Russian supply disruptions.

“Regional gasoline prices have softened as demand slows and US inventories build,” he said.

Bellas added that fresh US sanctions on Russian oil majors and Washington’s renewed pressure over the Ukraine war could sway trading in the coming sessions.

Last week, diesel and gasoline prices rose by P1.20 per liter, while kerosene remained unchanged due to the price freeze imposed after recent typhoons.