Gas up; diesel, kerosene steady this week

Motorists will see mixed fuel price movements this week, with gasoline costs rising while diesel and kerosene remain unchanged.

In separate advisories on Monday, fuel retailers confirmed that oil firms will raise gasoline prices by around P0.70 per liter on Tuesday. 

Diesel and kerosene will have no price adjustments after earlier estimates suggested potential rollbacks. 

To take effect today

The confirmed adjustments take effect Tuesday morning.

The movements were earlier indicated by Rodela Romero, director at the Oil Industry Management Bureau, who said that — excluding operating costs and premiums — gasoline was tracking an increase of about P0.70 per liter, while diesel and kerosene had been trending toward rollbacks.

Estimates reflected global factors

Romero said the initial estimates reflected global factors, including “geopolitical concerns such as the Ukraine attack on Russia’s oil infrastructure and the rising tensions between the US and Venezuela,” as well as a “global crude oil supply surplus.”

Jetti Petroleum Inc. president Leo Bellas earlier noted that “geopolitical risks and tensions continue to keep premiums and freight rates elevated, pushing diesel prices higher despite a week-on-week decline in the MOPS diesel average.”

He added that middle distillate markets have softened amid improving prospects for a Russia-Ukraine peace deal and expectations of higher Chinese exports.

On gasoline, Bellas said prices in Asia remain supported by tight supply and strong regional demand, with limited exports from major refiners — particularly China and South Korea — helping keep benchmarks firm.