Gasoline prices up P3 per liter starting November 3
Mixed fuel price adjustments will take effect on Tuesday, November 3, with gasoline increasing while diesel and kerosene prices roll back.
Starting from November 3, gasoline prices in the Philippines will rise by P3 per liter, while diesel and kerosene prices will decrease. The Department of Energy (DOE) announced these changes on Monday, November 2. The adjustments will stay in place until November 9.
Gasoline prices dropped P0.30 per liter last week, whereas diesel and kerosene prices increased by P1.20 and P0.50 per liter, respectively. The DOE attributes the fluctuating global oil prices to supply pressures stemming from the conflict in the Middle East. Additionally, anxieties over a potential US strike on Iran following the US midterm elections next week have constrained further reductions in global oil prices.
Moreover, the depreciation of the Philippine peso against the US dollar may raise the local cost of imported coal, diesel, and liquefied natural gas. Since October 27, the peso has been hovering around P64 per dollar, closing at P64.17:$1.00. However, gasoline and diesel prices in the Asian market are anticipated to remain within a narrow range.
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.
