Diesel up P1.20, gasoline down P0.30 starting Oct. 27

MANILA, Philippines — Mixed fuel price adjustments will take effect Tuesday, October 27, with diesel and kerosene becoming more expensive while gasoline prices decline.

The adjustments will remain in effect until Monday, November 2.

Last week, diesel prices rose by P2.60 per liter, while gasoline and kerosene prices fell by P4.30 and P1 per liter, respectively.

Industry forecasts late last week had pointed to larger adjustments for both diesel and gasoline.

The DOE said this week's price movements were mainly influenced by global oil prices amid supply pressures linked to conflict in the Middle East.

At the Singapore International Energy Week, Saudi Arabia announced an arrangement to store crude oil at Singapore's Jurong Rock Caverns beginning in mid-2027.

"This arrangement enhances the resilience of the Saudi crude oil supply chain in Southeast Asia, as well as contributes to Singapore's energy security and resilience in the event of supply disruptions," Singapore Minister for Energy, Trade and Industry Tan See Leng said.

Saudi Arabia's Minister of Energy and Minister of Industry and Mineral Resources Prince Abdul Aziz Bin Salman Al Saud also reaffirmed the kingdom's commitment to maintaining reliable energy supplies despite tensions in the region.

"Bringing supply closer to key Asian markets would strengthen the flexibility of our supply network and support Singapore's security of supply and preparedness," Al Saud said in a video recording.

The Singapore International Energy Week runs from October 26 to 30.

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