Gas price hike, diesel rollback today

MANILA, Philippines — Motorists face another hit at the pumps as gasoline prices are set to rise for the third straight week today, while a slight rollback in diesel and kerosene offers some relief.

In separate advisories, Jetti, Seaoil, Petron and PTT Philippines announced a hike of P0.20 per liter for gasoline and a price cut of P0.20 per liter for diesel and kerosene.

The latest adjustments push the year-to-date net increase for gasoline to P21.30 per liter, while trimming diesel and kerosene hikes to P21.55 and P6.55 per liter, respectively.

Rodela Romero, assistant director at the Department of Energy, said the mixed adjustments reflect renewed global market expectations surrounding potential Ukraine-Russia peace talks.

Romero added that Iraq’s restored production at one of the world’s largest oilfields also affected global oil prices.

“Asian price benchmarks have softened as supply expectations rise, with potential heavier outflows from China and as refineries return from turnaround,” Jetti president Leo Bellas said.

Last week, gasoline prices jumped by P1.20 per liter, while no adjustments were implemented for diesel and kerosene.