Mixed movements in local fuel prices are expected starting Tuesday, according to Jetti Petroleum Inc., with gasoline prices projected to rise by P0.20 to P0.40 per liter, while diesel prices may either remain unchanged or drop by P0.20 per liter.
Jetti president Leo Bellas attributed the anticipated price adjustments to stronger gasoline demand from countries like China and India, as well as lower-than-expected output increases from OPEC and its allies (OPEC+). OPEC+ recently announced a modest 137,000 barrels per day (bpd) output hike for November—well below market expectations of at least 200,000 bpd.
“Diesel prices remained stable with a slight downward movement, reflecting steady trends in the crude oil market,” Bellas said, noting that gasoline prices were buoyed by strong demand in Indonesia and other Asian markets.
Meanwhile, Rodela Romero of the Department of Energy’s Oil Industry Management Bureau said kerosene prices may decrease by around P0.47 per liter, based on four-day global trading data. However, she noted that the final figures could still change pending full five-day trading data.
Romero also cited global concerns over a potential crude oil oversupply, rising US inventories, ongoing Middle East developments, and the US government shutdown threat as key factors influencing market behavior.
Last week, oil firms implemented across-the-board price hikes: P0.20 per liter for gasoline and kerosene, and P0.80 per liter for diesel.
As of the latest data (October 7–13), fuel prices in Metro Manila average P54/liter for RON 91 gasoline, P55.45 for diesel, and P75.59 for kerosene. Year-to-date, net price increases have reached P14.90/liter for gasoline, P17.85/liter for diesel, and P5.65/liter for kerosene.
