Motorists face mixed fuel price adjustments starting tomorrow morning, as gasoline prices climb by P1.56 per liter while diesel drops by P3.01 per liter, offering relief to transport operators and businesses grappling with high fuel costs.
The Department of Energy (DOE) confirmed on Monday that kerosene prices will also increase by P1.77 per liter, reflecting continued pressure on petroleum supplies despite efforts by major economies to ease global fuel shortages.
Based on the official adjustments, diesel prices in Metro Manila are likely to range from P80.69 to P96.09 per liter, with a common retail price of P91.39.
Gasoline prices, meanwhile, will remain elevated, with premium RON 97/100 selling between P87.76 and P114.89 per liter, with a common price of P101.39.
RON 95 gasoline will retail between P81.19 and P104.39 per liter, with a common price of P97.59, while RON 91 will range from P80.19 to P97.99 per liter, with a common price of P90.69.
Kerosene prices will range from P115.07 to P146.79 per liter, with a common retail price of P130.07.
Despite the contrasting price movements, the DOE sees potential relief in the global diesel market as major economies move to release additional supplies.
DOE Oil Industry Management Bureau Director Rino Abad said the diesel rollback is a significant development even as gasoline and kerosene prices continue to rise amid tight petroleum supplies.
“Despite the fact that supply remains tight and we are still seeing slight increases in kerosene and gasoline prices, the decrease in diesel prices is a significant development,” Abad said.
He cited efforts by major economies to release additional diesel supplies, which could help ease pressure on international fuel prices in the coming weeks.
“On October 2, G7 countries agreed to release 100 million barrels of diesel. This was immediately followed by an agreement between the United States and Russia on October 12, which provided substantial temporary easing measures on Russian oil,” he said.
According to Abad, the agreement provides for an immediate release of about 2.25 million barrels, followed by 3.75 million barrels in November and another 7.5 million barrels after November.
“The agreement provides for an immediate release of around 2.25 million barrels, and we will see its effects this month. Another 3.75 million barrels will be released by November, followed by 7.5 million barrels after November,” Abad said.
He added that further Russian diesel supplies could enter the market depending on the capacity of US refineries to absorb additional volumes.
“There is also a possibility of additional diesel releases from Russia, depending on the absorptive capacity of US refineries. The United States will not be competing as much in the global market, and neither will the G7 countries,” he said.
Abad said these developments could reduce competition for available diesel supplies and gradually ease the global shortage, potentially leading to further price relief.
“In summary, we expect these developments to ease the global diesel shortage. In the coming weeks, if these planned releases materialize, we expect the pressure on diesel prices to ease,” Abad said.
Stay informed
Get Daily Tribune in your inbox
Breaking news, opinion, and business coverage for readers in the Philippines and abroad.
Subscribe to the newsletterPrefer chat alerts? Join the Daily Tribune Viber community.