Pump prices mixed: Diesel up, gas down

Fuel prices will hit drivers with a mixed bag starting tomorrow morning. 

In separate advisories on Monday, fuel retailers confirmed that diesel will rise by P0.20 per liter and kerosene by P0.10 per liter, while gasoline will drop by P0.10 per liter.

Leo Bella, President of Jetti Petroleum, Inc., cited ongoing global tensions as a key factor behind price volatility. 

“The geopolitical risks due to the recent events in Venezuela could push premiums and freight rates higher, which may cause next week’s local oil prices to rise more than as initially estimated,” he said.

Bella added that supply disruptions from Venezuela could support world oil prices, but rising output from major refineries may limit price jumps. 

“However, with the lingering global oversupply concerns coupled with increasing diesel and gasoline supply as major refineries ramp up output, it is possible that further upward movements could be subdued. Still, this new geopolitical risk will keep prices volatile as the markets digest the longer term effects on global supply due to the loss of Venezuelan crude flows,” he said.

Last week, gasoline prices did not not move while both diesel and kerosene went up by P0.60 per liter.