Diesel prices may drop by P1/L next week, gasoline and kerosene seen up
A mixed price adjustment on local oil and fuel products is expected next week, the Department of Energy said.
The Department of Energy (DOE) has announced a mixed pricing adjustment for local oil and fuel products next week, with a potential P1 per liter decrease in diesel prices, alongside expected increases of P1.50 per liter for gasoline and P2 per liter for kerosene. Oil Industry Management Bureau Director Rino Abad explained that the diesel price cut is a result of last week's rollback, which has had a carry-over effect on the upcoming week's pricing.
While global prices for all petroleum products have been rising, the significant reduction in diesel prices last week has not yet been fully offset by the current global price increase. Abad stated that for gasoline and kerosene, the price increases have already surpassed the global price rise. The agency predicts that diesel prices may stabilize at this range due to Saudi Arabia's efforts to restore its pipeline and the ongoing situation in the Middle East.
Concerns have been raised about potential price adjustments in October, as China announced it will temporarily suspend its exports of refined products to the Asia-Pacific region. This "refined products tightness" could lead to further price increases, as other countries may need to either boost their output or seek more distant markets, which will add costs and drive up retail prices.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
