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Manila Bulletin devider Business devider Gasoline prices set to rise again as diesel, kerosene costs drop

Gasoline prices set to rise again as diesel, kerosene costs drop

Published Dec 6, 2024 01:38 am

Gasoline prices are expected to rise for the third consecutive week, while diesel and kerosene prices may decrease for the second week in a row.

According to preliminary data from Means of Platts Singapore (MOPS) and current foreign exchange rates, diesel prices may decrease by P0.40 to P0.50 per liter, while gasoline prices could rise by P0.30 to P0.40.

Kerosene, meanwhile, is expected to get cheaper by P0.40 to P0.60 per liter.

Jetti Petroleum president Leo Bellas attributed the price volatility to ongoing geopolitical instability.

However, he noted that ample diesel supply in Asia, due to increased exports from India, is helping to stabilize diesel prices.

India's increased diesel production has offset reduced output from China, contributing to the recent P0.20 per liter decrease in diesel prices.

However, some analysts remain concerned about gasoline prices, as a potential decline in exports to Asia could lead to slightly higher rates. This week, gasoline prices increased by P0.90 per liter.

Meanwhile, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) have extended their production cuts of 2.2 million barrels per day to April of next year.

The cuts were originally set to expire in January 2025, but the group decided to postpone the increase in production to mitigate the risk of oversupply.

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