Diesel price rollback, gas hike today

MANILA, Philippines, October 21 ------ Diesel and kerosene prices are set to decline today, bringing much-needed relief to motorists. In separate advisories, Seaoil, Petron and PTT Philippines announced a rollback of P0.70 and P0.60 per liter for diesel and kerosene prices, respectively. Gasoline prices, meanwhile, are poised to increase by P0.10 per liter.

The rollback was due to worries over a market surplus amid global oversupply and a weaker oil demand forecast, according to the Department of Energy. Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero said crude prices remained under pressure due to oversupply from major producers, including OPEC, Russia and the United States.

The International Energy Agency also trimmed its global oil demand projections following worries over a market glut. Jetti Petroleum president Leo Bellas, meanwhile, noted that global market volatility may persist amid concerns that India could halt its imports of Russian oil. “The geopolitical tensions among Russia, the US and Ukraine are also bringing further uncertainty over global energy supplies,” Bellas said.

Source: philstar.com