DIESEL prices are expected to go down, while gasoline will rise next week, as global prices continue to be affected by a lack of supply mainly because of the conflict in the Middle East, local oil industry sources said on Friday.
They said diesel prices were initially expected to decrease by about P0.50 and P0.80 per liter, while gasoline prices were expected to go up between P1.50 and P1.80 per liter.
These estimates are based on the four-day trading of Mean of Platts Singapore, the pricing basis of refined goods in Southeast Asia.
“Lingering supply stability concerns have resulted in oil’s volatile movement this week, with global oil prices initially trending downwards as oil supply from the Middle East rebounded, but the stalled US-Iran peace talks and fresh attacks in the Strait of Hormuz have caused prices to rise again during the later days of the week,” a source said.
“Furthermore, oil prices also jumped recently following China’s suspension of exports beyond Hong Kong and Macau, and because of reports of more US troop movements to the Middle East and resumption of attacks on Iran after the Nov. 3 midterm elections,” the source added.
This week, and based on available price adjustment bulletins, diesel prices decreased by up to P7.60 per liter, while gasoline prices went down by up to P0.30 per liter.
