MANILA, Philippines — Diesel prices will fall for the second week in a row, but gasoline prices will keep rising this week.

 According to Unioil Philippines, diesel prices will fall by P2.00 to P2.20 per liter, while gasoline prices will rise by P3.80 to P4.00 per liter.

Diesel prices fell by P3.10 per liter last week, while gasoline prices fell by P0.40 per liter.

The price adjustments made last week reduced the net increase in gasoline prices to P21.60 per liter, diesel prices to P31.40 per liter, and kerosene prices to P27.65 per liter since the beginning of the year.

In the last trading week, global prices have been rapid, swinging from gains to losses.

According to Reuters, US gasoline futures hit all-time highs last Monday as falling stockpiles – which fell to their lowest level since 1987 based on data from the US Department of Energy – fueled supply concerns.

Following this, the wire service reported on Tuesday that US crude and gasoline stocks fell last week, citing market sources citing American Petroleum Institute figures.

According to the data, the United States’ demand for gasoline is increasing, pushing up prices, said Rino Abad, director of the Department of Energy-Oil Industry Management Bureau, in a phone interview.

Meanwhile, China’s gasoline exports fell 15.4 percent last month, bringing the January-April total down 38.7 percent year on year.

According to Abad, this reflects weaker refinery processing in Asia’s largest oil consumer.