Gas prices up by 45 centavos, diesel down by P1.25

Oil companies will increase gasoline prices by PHP0.45 per liter and decrease diesel prices by PHP1.25 per liter starting Tuesday morning.

The price adjustments reflect lower global oil prices with West Texas Intermediate down 1.8 percent to USD84 per barrel and Brent crude down 1.56 percent to USD89.07 per barrel.

This marks the second consecutive week of gasoline price increases, with last week's rise being PHP0.95 per liter for gasoline, PHP1.30 per liter for diesel, and PHP1.25 per liter for kerosene.

The Department of Energy reported that as of October 26, the year-to-date net increase in retail prices was PHP13.75 per liter for gasoline, PHP11.70 per liter for diesel, and PHP6.24 per liter for kerosene.

Diplomatic efforts in the Middle East easing supply concerns and a stronger US dollar also contributed to these price adjustments.