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Sixth straight price hike for diesel as gasoline declines

Business | The Economy

Sixth straight price hike for diesel as gasoline declines

By Gabriell Christel Galang

Tricycle drivers in Rosario, Cavite, were honored on National Heroes Day with free gasoline (Photo from Sid Samaniego/MANILA BULLETIN)

Tricycle drivers in Rosario, Cavite, were honored on National Heroes Day with free gasoline (Photo from Sid Samaniego/MANILA BULLETIN)

Global tensions and tightening supply in Europe and the United States (US) continue to ripple through the local market, driving up the cost of diesel and kerosene for another week.

Effective Tuesday, Sept. 30, gasoline will decline by ₱0.20 per liter, while diesel and kerosene are both increasing by ₱0.90 per liter.

Seaoil, Shell Pilipinas, CleanFuel, Caltex, and PetroGazz are among the few oil companies that announced these movements.

Analysts earlier attributed this week’s price movements to shifts in demand and an increase in gasoline supply in Asia.

According to a Reuters report last week, Russia has limited its diesel exports until the end of the year and extended its ban on gasoline exports due to the ongoing geopolitical clashing with Ukraine.

The US has continued to weigh in, recently urging European nations to stop buying Russian oil or risk facing US tariffs similar to those imposed on India.

More demand coming from Europe due to its industrial activities, the harvest season in the US, and other diesel supply risks in Asia have raised diesel prices for this week.

This marks the sixth week of price increase for diesel and kerosene.

Related Tags

oil price adjustment

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