Gasoline prices up P3 per liter starting November 3

MANILA, Philippines — Mixed fuel price adjustments will take effect on Tuesday, November 3, with gasoline increasing while diesel and kerosene prices roll back.

The Department of Energy (DOE) announced the following price adjustments on Monday, November 2:

• Diesel — down by P1.00 per liter
• Gasoline — up by P3.50 per liter
• Kerosene — down by P1.90 per liter

The adjustments will remain in effect until Monday, November 9.

Last week, gasoline prices decreased by P0.30 per liter, while diesel and kerosene prices increased by P1.20 and P0.50 per liter, respectively.

According to the DOE, global oil price movements remain influenced by supply pressures linked to the conflict in the Middle East. Concerns over a possible United States strike on Iran after the US midterm elections next week have also limited further declines in global oil prices.

The peso's depreciation against the US dollar may also increase the local cost of imported coal, diesel and liquefied natural gas. The Philippine peso has remained near the P64-per-dollar level since closing at P64.17:$1.00 on October 27.

However, gasoline and diesel prices in the Asian market are expected to remain rangebound.