Gasoline, diesel to increase by more than P2 per liter

MANILA, Philippines, May 5 ------ Fuel prices will increase again, with diesel and gasoline both set for hikes of more than P2 per liter after weeks of relief from the uptrend since the US and Israel launched attacks on Iran in March.

Energy Secretary Sharon Garin said diesel prices will go up by P2.66 per liter, while gasoline will increase by P2.21 per liter. Kerosene prices, however, will drop by P3.53 per liter.

Mixed signals. Leading into early May, the combination of rising prices and stable inventories suggests that price adjustments are driven more by global market movements than by local supply constraints. Despite the price hikes, fuel supply remains sufficient, the Department of Energy said.

The country’s total fuel inventory stood at 53.71 days as of May 1. Gasoline stocks were enough for 52 days, diesel for 54 days, kerosene for 166 days, and liquefied petroleum gas for 40 days.

Source: philstar.com