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Slight fuel price increases loom next week

Business

Slight fuel price increases loom next week

By Gabriell Christel Galang

Motorists are bracing for another round of fuel price increases next week, although the increases are expected to be minimal.

According to Jetti Petroleum, based on the latest four-day Moving Average of Singapore Platts (MOPS) data, diesel prices are expected to rise by P0.10 to P0.20 per liter, while gasoline prices may remain stable or experience a marginal P0.10 hike.

Jetti President Leo Bellas attributed the expected price increase to ongoing geopolitical tensions in the Middle East, which have raised concerns about potential supply disruptions.

Additionally, Bellas noted that the tightening supply of gasoline and diesel in Asia could contribute to rising prices.

Refineries are undergoing maintenance turnarounds that reduce production alongside unplanned facility shutdowns and run cuts.

This week, prices have provided a slight ease for motorists: a liter of gasoline dropped by P0.50, diesel had a P0.70 discount, and kerosene prices were reduced by P0.85.

This brought gasoline prices ranging from around P64 to P70 per liter while diesel prices weighed around P58 to P64 per liter.

Earlier this year, some industry players predicted regular price adjustments due to the relentless volatility surrounding global challenges, supply chain issues, and market demand.

At the start of 2024, Houthi attacks in the Red Sea impacted the transport of oil and liquefied natural gas (LNG), which in turn affected global energy markets. Additionally, tensions between Israel and Iran, along with a global economic slowdown, were significant factors contributing to price fluctuations.

In January, a liter of gasoline averaged P66.39, and diesel had an average price of P60.49.

Related Tags

oil price hikes fuel price hikes

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