MANILA, Philippines — Pump prices are expected to increase next week due to developments in the Middle East conflict, a local industry source said on Friday.
Based on the Mean of Platts Singapore (MOPS), diesel prices will increase by P3.75 to P4.25 per liter, gasoline by P2.50 to P3 per liter.
The local industry source attributed the fuel price adjustments to fading optimism over a peace deal complicated by competing demands for compensation over the five-month conflict and concerns over a continued drawdown of global inventories in an already-tight market due to the constrained Middle East Gulf flows and Black Sea exports as diplomatic efforts to reopen and normalize transit through the Strait of Hormuz stalled.
The increase comes after a drop in both diesel and fuel prices last week.
