GASOLINE and diesel prices are expected to increase again next week, as tensions between the US and Iran continue to stoke unease in the market, local oil industry sources said on Friday.
They said gasoline prices will either remain or rise slightly by P0.10 per liter, and diesel will increase by about P0.40 to P0.60 per liter.
This will be the sixth consecutive week of fuel price increases based on the 4-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia.
“Based on this week’s current trading, Mean of Platts, Singapore diesel prices have jumped by more than 5 percent as concerns over military activities in the Middle Eastern region have increased over the likelihood of US strikes on Iran, lowering the prospects that the conflict will be resolved through diplomatic means,” Jetti Petroleum president Leo Bellas said.
“While this week’s gasoline MOPS prices have actually softened due to healthy regional inventories and supply, rising freight and premiums due to geopolitical risks have also offset the prospect of a potential price rollback at present. But despite this development, however, the Philippine peso being stronger against the US dollar has helped temper the potential increase in domestic prices this week,” he added.
Earlier this week, local oil companies increased fuel prices, with gasoline up by P1.20 per liter and diesel by P0.60 per liter.
