Gasoline prices up by P3.50/L

The Department of Energy (DOE) said gasoline prices will increase by as much as P3.50 per liter effective on Tuesday.

Diesel and kerosene will have price cuts of at least P1 to P1.90, respectively.

The DOE cited “ongoing developments in the Middle East that are affecting global supply and prices.”

Jetti Petroleum president Leo Bellas said diesel prices have eased following improved supply outlook, boosted by stock releases and exports from China and Russia.

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“However, Asian gasoline balances remained tight despite the release of Chinese export quotas as higher imported costs of crude weigh on regional refining economics,” he said.