Diesel, kerosene prices up today; rollback for gas

MANILA, Philippines — Fuel prices are set to move in opposite directions today, reflecting recent geopolitical developments that rattled global oil markets.

In separate advisories, major oil companies announced an upward adjustment of P0.20 and P0.10 per liter for diesel and kerosene prices, respectively.

Gasoline prices, on the other hand, will go down by P0.10 per liter. Jetti, Petron, Seaoil and PTT Philippines will implement these adjustments this week.

Both diesel and gasoline prices slightly declined in the Mean of Platts Singapore last week following a recovery in regional refinery output.

Oil industry experts, however, said freight and premium components remained elevated amid worries over potential supply disruptions due to tensions abroad.

Over the weekend, the United States bombed Venezuela and captured its authoritarian left-wing leader Nicolas Maduro to face trial in New York on drug charges.

Jetti president Leo Bellas said the suspension and paralysis of Venezuela’s oil export operations could drive global oil prices higher and sustain market volatility.

World crude prices fell yesterday as sanctions on the export of Venezuelan crude oil were seen to be eased, threatening a global supply glut.

Venezuela has the world’s largest proven oil reserves, but contributes less than one percent of global output due to the sanctions.