DIESEL prices are expected to increase, while gasoline prices will roll back next week as the global market reacts to the planned release of more diesel into the market, with various Asian refineries returning from planned shutdowns, local oil industry sources said on Friday.
They said diesel prices will slightly go up by between P0.20 and P0.40 per liter, while gasoline prices will decrease by between P4.00 and P4.20 per liter.
These estimates are based on the four-day trading average of Mean of Platts Singapore, the pricing basis of refined goods in Southeast Asia.
“Diesel prices slightly rose in the region as low global inventories persisted, but further increases were tempered by the prospect of additional supply from Russia and release of diesel stocks from G7 nations, although doubts remain whether the US-Russia diesel deal will deliver meaningful additional supply,” a local industry source said.
“Meanwhile, gasoline prices dropped because of easing supply concerns in Asia and improving gasoline availability as refineries returned from planned maintenance shutdowns,” the source added.
This week, and based on available price adjustment bulletins, diesel prices were reduced by up to P3.01 per liter, while gasoline prices were hiked by up to P1.56 per liter.
