Gasoline, kerosene prices down, diesel up

After two straight weeks of increases, prices of gasoline will be cut back by at least P4.30 per liter and kerosene by P1 per liter, on Tuesday. Diesel prices, however, will go up by P2.60 per liter.

“These adjustments reflect movements in the global oil market amid ongoing developments in the Middle East that are affecting global supply and prices,” the Department of Energy said.

Jetti Petroleum president Leo Bellas earlier attributed the easing of gasoline prices to the “softening demand” and boosted supply in Asia and the United States. However, Bellas said the worsening tensions in the Middle East, a major oil-producing region, continued to pose threats to supplies. —Lisbet K. Esmael