MANILA, Philippines — Diesel and gasoline prices are expected to increase again next week due to supply worries as a result of the war between US and Iran, local oil industry sources said on Friday.
They said that diesel prices would go up by around P1 to P2 per liter, while gasoline will increase by around P2 to P3 per liter.
These estimates are based on the 3-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia.
Sources had said that geopolitical risks were being cited as a reason behind the rise in oil prices as the Strait of Hormuz remained closed and that both US and Iran have yet to reach an agreement.
Diesel prices dropped this week by P12.94 per liter, while gasoline prices slightly went up by P0.53 per liter.
