Diesel prices drop by P3/L; gasoline, kerosene rise over P1/L
Another round of mixed fuel price adjustments is set to take effect this week, with diesel prices set to roll back while gasoline and kerosene prices rise.
On Tuesday morning, October 13, the Department of Energy (DOE) announced fuel price adjustments that will remain in effect until October 19. Diesel prices will decrease by P3 per liter, while gasoline and kerosene prices will increase by more than P1 per liter. This change follows a similar yet unequal adjustment last week, where diesel prices dropped by P1.30 per liter, and gasoline and kerosene prices rose by P1.93 and P3.30 per liter, respectively.
The DOE explained that the recent price changes were influenced by several factors, including China's suspension of refined petroleum product exports and the availability of middle distillates. The agency highlighted two key developments that contributed to the diesel price rollback: the G7's decision to release 100 million barrels of petroleum supplies, particularly diesel, and the United States and Russia agreeing to release 2.25 million barrels of Russian diesel to US and global markets, followed by additional shipments in the coming months. These relief measures have been crucial in easing the global diesel shortage, according to the DOE.
In contrast, the upward price movement for kerosene is attributed to its sensitivity to the availability and cost of middle distillates, a broader category of fuels that encompasses diesel and jet fuel. The DOE noted that while the G7 and US-Russia agreements have positively impacted diesel prices, the lack of equal emphasis on increasing gasoline and kerosene supplies has resulted in elevated prices for these products.
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.
