Motorists should brace for an increase in the prices of both diesel and kerosene at the local pumps starting tomorrow morning. Meanwhile, those loading up gasoline are in for a treat as its prices are set to go down.
In a series of advisories today, retailers announced a reduction of P0.10 per liter for gasoline. In contrast, diesel prices will rise by P0.75 per liter, and kerosene will increase by P0.50 per liter.
The Department of Energy (DOE) previously indicated that the rise in kerosene prices was linked to positive forecasts for US fuel demand, particularly following recent declines in US crude and gasoline inventories.
Additionally, ongoing geopolitical tensions, particularly Israel’s military actions in response to regional conflicts, contributed to rising oil prices and heightened global supply concerns. The limited availability of gasoil and jet fuel in Asia is further driving up kerosene prices.
Conversely, the decrease in gasoline prices was attributed to diplomatic efforts aimed at mitigating tensions in the Middle East.
To recall, Israeli Prime Minister Benjamin Netanyahu announced plans to convene a meeting focused on finding a diplomatic resolution to the conflict in Lebanon, which could alleviate some of the pressures affecting oil prices, although risks remain as the situation evolves.
Last week, gasoline prices increased by P0.20 per liter, while diesel and kerosene saw hikes of P0.50 per liter each. It followed prior reductions of P0.50 for gasoline, P0.70 for diesel, and P0.85 for kerosene.
As of 29 October, DOE data showed that year-to-date adjustments reflect a net increase of P0.20 per liter for gasoline and P0.50 per liter for both diesel and kerosene.