• CHERYL G. CRUZ
The seventh consecutive week of per-liter increases in the prices of diesel and kerosene will take effect tomorrow, Oct. 7, as concerns on supply and foreign exchange adjustments remain.
Oil companies said over the weekend that diesel could increase by P0.60 to P0.90 a liter, gasoline by P0.00 to P0.20/L, and kerosene by P0.10 to P0.30/L. The exact adjustments will be known today, Oct. 6.
The pump price of gasoline went down by a minimal P0.20/L last week after upward movements for sixth straight weeks, ranging from P0.70 to P1/L.
“Asian diesel market fundamentals remain supported due to shifting of regional flows to the West to meet the demands from the US and Europe as the ongoing autumn refinery maintenance, peak harvest season demand, and Russia’s partial diesel export ban have raised the risk of supply shortfalls,” Jetti Petroleum president Leo Bellas was quoted as saying in a recent Philippine News Agency report.
“While Asian gasoline price benchmarks have retreated from record highs as inventories climbed and seasonal demand softens, fundamentals remain supported due to expectations of supply tightness,” he added.
This month’s price of liquefied petroleum gas (LPG), meanwhile, rolled back by P1/kg to reflect the international contract price of LPG for the month of October. | CGC
