Diesel, kerosene prices up anew

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The prices of diesel and kerosene will again go up on Tuesday but the cost of gasoline will remain the same.
In separate advisories, oil companies announced that the prices of diesel and kerosene will be increased by 45 centavos per liter and 65 centavos per liter, respectively.

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Flying V will adjust its pump prices at 12:01 a.m. on Tuesday, while Eastern Petroleum, Phoenix Petroleum, Pilipinas Shell, PTT Philippines and SEAOIL will implement the price increase at 6 a.m.

Rino Abad, who heads the Oil Industry Management Bureau of the Department of Energy, said Asian gasoline market fundamentals were balanced, with demand and supply projected to be stable.

Abad added the fundamentals in the Asian oil market remained strong on increasing demand in the region.
He said other factors that wil affect pump prices include the expectation of higher US shale oil production in October and that the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC ministers are mulling different options to extend their oil production accord, such as the possible reduction of supplies until next year.

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