DIESEL prices are expected to go up, while the cost of gasoline is projected to go down next week, local oil industry sources said Friday.
Diesel prices, they said, are expected to increase from P2.00 to P2.50 per liter, while gasoline prices are projected to decline from P1.00 to P1.50 per liter.
Sources said that these estimates are based on the four-day trading of Mean of Platts Singapore, the pricing basis of refined goods in Southeast Asia.
This will be the second straight week when diesel prices go up while gasoline prices go down.
These prices do not include the added freight transport costs as there was no available freight data yet.
"Global oil prices increased after the Houthis intensified their attacks on Saudi infrastructure and vessel attacks in the Gulf, which in turn heightened concerns that the escalating hostilities could hit supply. Further adding to market anxiety is the fear of escalation after the US midterm elections," a source said.
"These developments in the Gulf and the escalation of Ukrainian attacks on Russian refineries have pushed diesel prices higher, despite the prospects of additional Russian diesel supply, and emergency diesel stock releases," the source added.
The source noted that rising gasoline inventories in Singapore were indicative of an improving product availability in Asia, which in turn could have caused gasoline prices to decline for the week.
This week's data showed that diesel prices went up by up to P2.60 per liter, while gasoline prices declined by up to P4.30 per liter.
