• CHERYL G. CRUZ
After a rollback last week, the pump prices of petroleum products will increase, effective today, Oct. 29.
To reflect the changes in the international oil market, diesel will increase by P0.50 per liter, gasoline by P0.20/L, and kerosene, also by P0.50/L.
Last week, oil companies rolled back prices of diesel at P0.70/L, gasoline by P0.50/L, and kerosene by P0.85/L.
The Department of Energy said “the week-on-week price of Dubai crude has increased by around $3.70 per barrel, while the international price of gasoline, diesel, and kerosene also increased by about $4.70, $4.90, and $5.00 per barrel, respectively.”
The crude oil market has been significantly impacted by rising tensions between Israel and Iran. Speculation about potential military actions affecting Iranian oil infrastructure has led to increased prices, with Brent crude reaching over $80 per barrel, reflecting heightened risk premiums in the market, the DOE Oil Monitor showed. | CGC
