New diesel price hike set Oct. 27

Diesel products have increased for the second straight week, while gasoline prices recorded another rollback as geopolitical conflicts continued to trigger oil price volatility.

The Department of Energy (DOE) said gasoline prices would drop by 30 centavos per liter, while diesel and kerosene would be more expensive by P1.20 and 50 centavos per liter, respectively on Tuesday.

“These changes are based on movements in the global oil market amid ongoing developments in the Middle East that are affecting global supply and prices,” the DOE said.

Jetti Petroleum president Leo Bellas said the market was again plagued by “heightened concerns” in the oil-producing region which “threatened Saudi Arabia’s production infrastructure and alternative export routes.” —LISBET K. ESMAEL