Gasoline up by P3/L, diesel slightly down in first week of November

MANILA, Philippines — Mixed movements in pump prices are projected to continue as November starts next week.

An oil industry source said motorists should expect a P2.90 to P3.20 increase in gasoline prices.

Meanwhile, diesel prices may see a slight cut of around P0.40 to P0.60 per liter.

According to the source, eased diesel export restrictions by South Korea helped lower the product’s price, which increased by P1.20 per liter earlier this week.

These prices, however, continue to be affected by energy supply disruptions linked to tensions in the Middle East, as well as concerns over another United States strike on Iran after the former’s midterm elections next week.

The peso's slide to record lows against the dollar also threatens to push fuel prices even higher, with Department of Energy Secretary Sharon Garin saying that the weakening peso could drive up the cost of imported coal, diesel and liquefied natural gas.

On Tuesday, October 27, the currency hit an all-time low exchange rate of P64.17 to the dollar.

Although the peso traded higher in the following days, it has lingered near the P64-per-dollar mark since.