Gasoline hike hits P3.50 amid oil risks
Motorists will face a sharp P3.50-per-liter increase in gasoline prices starting Tuesday, as tight regional supply and higher crude oil import costs push pump prices higher despite improving diesel availability.
Based on the Department of Energy’ latest permitted fuel price adjustments for 3 to 9 November, gasoline prices across all grades will increase by P3.50 per liter, while diesel and diesel plus prices will decline by P1.00 per liter.
Kerosene prices, meanwhile, will drop by P1.90 per liter.
Jetti Petroleum Inc. president Leo Bellas attributed the contrasting price movements to improving diesel supplies and continued tightness in the Asian gasoline market.
“Diesel softened on easing supply outlook, supported by stock releases, Chinese exports, and Russian diesel exports,” Bellas said.
“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 added.
Bellas also warned that geopolitical tensions could continue to drive volatility in international oil prices.
“Oil rebounded as supply risks grow, with markets bracing for a potential escalation in the Iran war after the US midterm elections,” he said.
With the latest adjustments, the projected retail price of RON 91 gasoline in Metro Manila will range from P78.60 to P95.80 per liter, while RON 95 gasoline could sell for P79.00 to P101.70 per liter.
Premium RON 97 gasoline could reach P104.30 per liter, with prices ranging from P83.89 to P104.30.
Diesel prices are projected to range from P88.90 to P98.30 per liter, while diesel plus could sell for P93.50 to P101.00 per liter.
Kerosene prices are expected to range from P114.10 to P143.94 per liter.
The projected ranges are based on the Department of Energy’s (DOE) prevailing Metro Manila retail prices for 27 October to 2 November, adjusted to reflect the latest price movements. Actual pump prices may vary by station.
Meanwhile, the DOE reported that the country had sufficient petroleum inventories to cover nearly 53 days of domestic demand as of 30 October.
The country’s total expected available fuel supply stood at 52.95 days, against average daily demand of 73.61 million liters.
Gasoline inventories could cover 52.29 days of consumption, while diesel stocks were sufficient for 56.68 days.
Liquefied petroleum gas recorded the shortest supply coverage at 35.12 days, while jet fuel inventories stood at 58.86 days.
Fuel oil stocks could last 63.30 days, while kerosene recorded the longest coverage at 148.55 days.
The inventory levels provide a buffer against potential supply disruptions, although domestic pump prices remain exposed to international market movements.
Separately, the government’s fuel subsidy program had disbursed P1.17 billion to 109,561 public utility vehicle beneficiaries as of 29 October.
Government data showed that 4,005 gasoline stations nationwide had recorded successful subsidy transactions.
The assistance is intended to help qualified public transport operators and drivers manage fuel expenses amid continued fluctuations in pump prices.