Filipino motorists will need to pay more for gasoline products this week, as oil firms plan to raise prices by about P3 per liter beginning Tuesday.
The Department of Energy (DOE) said Monday that gasoline prices will go up by as much as P3.50 per liter.
Diesel and kerosene, meanwhile, will have price cuts of at least P1 to P1.90 per liter, respectively.
The country’s fuel inventory remains healthy, with supply enough for 52.95 days.
‘Diesel softened on easing supply outlook, supported by stock releases, Chinese exports, and Russian diesel exports,’ Jetti Petroleum president Leo Bellas said over the weekend.
‘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 added.