Diesel, kerosene prices down, gasoline up

(UPDATE) THE per-liter prices of diesel and kerosene went down on Tuesday, but the cost of gasoline rose. The price of diesel was rolled back by P1.15, and kerosene by 90 centavos. Gasoline is up by 70 centavos. Local oil industry sources attributed the mixed price adjustments to oil-related global developments, among them the call by US President Donald Trump for lower oil prices, higher output in the US and other major suppliers, including the Organization of the Petroleum Exporting Countries and its allies (OPEC+), market uncertainty over US tariffs on Canada and Mexico, and the US continuing its build-up of oil inventory. Other factors include higher diesel export volumes from India and China, which weighed on prices, and the seasonal boost in demand over the peak Lunar New Year travel, which in turn supported the gasoline price benchmarks. The sources said that one thing to watch for is the OPEC+ Joint Ministerial Monitoring Committee meeting this week. Since the start of the year, the price of gasoline has risen by P3.35 per liter, diesel by P3.65, and kerosene by P2.90.