Gas prices going up, diesel down today

MANILA, Philippines — Gasoline prices are set to rise while diesel and kerosene are headed for a rollback.

The Department of Energy (DOE) yesterday announced an increase of up to P3.50 per liter in gasoline prices, effective today.

Diesel and kerosene prices, meanwhile, will go down by at least P1 and P1.90 per liter, respectively.

Diesel prices declined as the supply outlook improved following stock releases, Chinese exports and higher Russian diesel shipments, local industry sources said.

Asian gasoline supplies, however, remained tight despite the release of Chinese export quotas, as higher crude import costs weighed on regional refining margins.

Refined petroleum products largely tracked crude oil movements last week, with prices remaining supported by concerns over potential disruptions to energy supplies in the Middle East.

Markets also remained cautious amid fears of a possible escalation of tensions in the region following the US midterm elections.

In the Philippines, the national average fuel inventory stood at 52.95 days as of Oct. 30, latest DOE data showed.

Broken down by product, diesel stocks were sufficient for 56.66 days, gasoline for 52.29 days, kerosene for 148.55 days, jet fuel for 58.88 days, fuel oil for 63.3 days and liquefied petroleum gas for 35.12 days.