Cost of diesel up by P1.25 per liter

OIL companies lowered the pump prices of diesel by P1.25 per liter and kerosene by P120 per liter on Tuesday, October 31.

Shell, Seaoil, Cleanfuel, Unioil, Caltex, Jetti Petroleum, PTT and Flying V raised the cost of gasoline by P0.45 per liter.

The Department of Energy-Oil Industry Management Bureau said that the price movements are mostly due to recent geopolitical events as well as the strengthening of the US dollar.

«Crude oil prices weakened as diplomatic efforts in the Middle East intensified in an attempt to contain the conflict between Israel and Hamas, which helped ease investor concerns about potential supply disruptions and reducing geopolitical risk premium,» DoE-OIMB Director Rodela Romero said. «Another development that contributed to the current movement of local oil prices is also the optimism regarding geopolitical developments in the Middle East, specifically with the lack of movement by Israel's IDF (Israel Defense Forces) into Gaza.»

Last week, oil companies raised the prices of gasoline by P0.95 per liter, diesel by P1.30 and kerosene by P1.25 per liter.