Gasoline prices inch up on third day of global trading

MANILA — Gasoline prices are inching up on the third day of world-market trading. 

Oil prices have so far moved by the following amounts from October 5 to 7:

Diesel – P2.80/L decrease
Gasoline – P1.06/L increase
Kerosene – P0.12/L decrease

Industry sources say the risk premium on diesel continues to drop, while the additional risk for gasoline rises as supply tightens due to the China export ban.

But Philippine Energy Secretary Sharon Garin has said that China’s export ban has not yet affected the oil supply in the Philippines.

“Basically, China is stockpiling because they released so much of their reserves previously. We have, in fact, checked with all our oil companies. So wala pong impact on our oil companies as of this moment. So their orders, ‘yung natapos na or their ongoing long-term contracts are still being honored by all traders, even if it comes from China,” she said.