Fuel Prices Diverge as Diesel Costs Rise Globally

Fuel prices in the Philippines and the United States are diverging as gasoline costs ease while diesel prices climb. The Department of Energy of the Philippines announced that starting October 27, gasoline and kerosene will see rollbacks of P0.30 and P0.50 per liter, respectively, while diesel will increase by P1.20 per liter.

These diesel hikes are driven by tight international supplies resulting from attacks on Saudi Arabian energy infrastructure and hostilities involving Yemen's Houthis. In the United States, the national average for diesel rose by 4.0 cents to $6.34 per gallon, though gasoline prices fell in most states, including Minnesota, where costs dropped by 6.8 cents per gallon.

GasBuddy predicts that national gasoline prices will remain above $4 per gallon and diesel above $6 per gallon leading up to the general election. In response to energy costs, President Bongbong Marcos issued Executive Order No. 125 to suspend excise taxes on kerosene and liquefied petroleum gas.