Fuel prices will move in different directions starting today, Tuesday, with gasoline set to decline as diesel and kerosene are expected to continue their weekly climb.
Oil companies announced on Monday that gasoline will drop by P0.20 per liter, breaking five straight weeks of increases.
However, diesel and kerosene will rise by P0.90 per liter, their sixth consecutive weekly hike.
Volatile because of geopolitical risks
Department of Energy Oil Industry Management Bureau director Rodela Romero said global oil prices remain volatile due to geopolitical risks, after the US urged European countries to stop buying Russian energy. The market was partly cushioned by Iraq resuming oil exports to Turkey.
Spike in crude oil cost
Meanwhile, Jetti Petroleum president Leo Bellas explained that while prices started lower earlier in the week, they were pulled up by a spike in crude oil costs.
He said gasoline eased due to ample supply in Asia, where production has been strong.
Still, diesel stayed firm on worries over supply, steady demand in Europe, and increased fuel use during the US harvest season.
Last week, fuel retailers implemented increases of P1 per liter for gasoline and kerosene, and P0.80 per liter for diesel.