GASOLINE USERS can expect a price rollback of more than P4 per liter (L) this week, while diesel prices are set to increase by P2.60, according to the Department of Energy (DoE).
In an advisory on Monday, the DoE, which gained the power to guide prices during the energy emergency, said gasoline and kerosene prices are set to decline by P4.30 and P1, respectively.
“These adjustments reflect movements in the global oil market amid ongoing developments in the Middle East that are affecting global supply and prices,” the department said.
Seaoil Philippines, Inc. and Shell Pilipinas Corp. will implement the adjustments announced by the DoE starting on Tuesday (Oct. 20).
The latest adjustment marks the end of three straight weeks of declines for diesel, while gasoline and kerosene prices are set to decline after two consecutive weeks of increases.
This also brings pump prices in Metro Manila and nearby areas to as much as P101.1 per liter for gasoline, P102.77 for diesel plus and P145.34 for kerosene.
Jetti Petroleum, Inc. President Leo P. Bellas said the decline in gasoline prices was brought about by weakening demand and improving supply in Asia.
“The larger-than-expected US gasoline inventory, indicating weaker demand, further added bearish pressure on prices,” Mr. Bellas said via Viber.
However, he said the international benchmark Brent crude touched $110 a barrel for the first time since May, due to worries that escalating tensions in the Middle East could further tighten supplies.
Despite an expected increase in diesel prices this week, Mr. Bellas said planned stock releases by International Energy Agency members, a US-Russia diesel agreement and China’s resumption of fuel exports have eased near-term supply pressures. — Sheldeen Joy Talavera