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Why diesel holds steady while gasoline costs rise

Business | The Economy

Why diesel holds steady while gasoline costs rise

By Gabriell Christel Galang

(Photos by John Louie Abrina I MB)

(Photos by John Louie Abrina I MB)

Diesel users get a brief reprieve from rising prices this week, but gasoline is set to continue its upward climb.

Effective Tuesday, Oct. 14, the price of gasoline will increase by ₱0.30 per liter. Meanwhile, diesel prices will remain unchanged—the first time in a month they have not moved. Kerosene offers a slight relief, easing by ₱0.20 per liter.

Jetti Petroleum attributed the stability in diesel prices to steady global crude markets. This comes as OPEC+, or the organization of the petroleum exporting countries, implemented only a minimal increase in production.

The group earlier announced a modest output rise of 137,000 barrels per day (bpd), a move seen as cautious amid concerns of a potential supply glut. OPEC+ has already raised its targets by over 2.7 million bpd this year, equivalent to about 2.5 percent of global demand.

Despite the supply increase, global oil prices are still expected to rise. A recent Reuters report noted that investors are hopeful for possible peace talks between the United States (US) and China. Such an agreement could signal an improving global economy and, consequently, an increased demand for oil.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) also cited the US government shutdown as a potential factor impacting this week's gasoline price movement. The shutdown, which has now reached its 12th day, halted some agency operations and services, contributing to adjustments in the global oil market.

Additionally, rising demand from Asia, particularly in China, India, and Indonesia, is further pushing gasoline prices upward.

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