GASOLINE prices are expected to increase next week, while diesel prices are expected to roll back, due to recent developments in the Middle East and oil-related regional events, local oil industry sources said on Friday.
They said gasoline prices are estimated to spike by about P2.90 and P3.20 per liter, while diesel prices are expected to slip by about P0.40 and P0.60 per liter.
The prices do not yet include freight-related costs, as sources said they are still unavailable.
The price estimates are based on the four-day trading of Mean of Platts Singapore, the pricing basis of refined goods in Southeast Asia.
“Diesel and gasoline prices closely followed the movement of crude oil this week, as they remained elevated amid concerns about energy supply disruptions in the Middle East due to continuing regional attacks and worries that the US could strike Iran after next week’s US midterm elections.
“However, prices stopped increasing further due to a possible breakthrough in diplomatic efforts to end the eight-month-long conflict,” a source said.
“Furthermore, other improving fuel supply prospects helped diesel and gasoline increases from going up further after China issued a fourth batch of fuel export quotas for gasoline, diesel and jet fuel. Other factors included South Korea easing its diesel export restrictions, and Ukrainian refinery strikes temporarily stopping,” the source added.
This week, based on available price adjustment bulletins, gasoline prices slightly decreased by P0.30 per liter, while diesel prices went up by P1.20 per liter.
