The Department of Energy (DOE) forecasted differing price adjustments on petroleum products for the second week of October.

The DOE’s Oil Industry Management Bureau Director Rodela Romero sees a decrease on the price of gasoline, and diesel and kerosene costs to rise.

Gasoline: Php 0.50-Php 0.70/liter less

Diesel: Php 0.40- Php 0.70/liter more

Oil prices globally were driven upwards by fears arising from escalating conflict in the Middle East, as Iran launched missiles onto Israel. Analysts accounted for US stockpiles climbing beyond expectation, and Libya announcing the end of a production and export blockade which lasted a month.