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Manila Bulletin devider Business devider Fuel prices set to increase again next week

Fuel prices set to increase again next week

Published Nov 22, 2024 01:48 am

After this week's rollback, petroleum product pump prices are expected to rise next week.

Based on the first four days of the Mean of Platts Singapore (MOPS) and the average foreign exchange rate, gasoline is expected to jump by around P0.85 to P1.05, while diesel would go up by around P0.80 to P1.

Jetti Petroleum president Leo Bellas cited tensions looming over Ukraine and Russia as factors in next week’s adjustment, while some analysts observed a two percent rise in oil prices.

Russia is the second-largest crude oil exporter in the world after Saudi Arabia; therefore, if these issues continue and energy infrastructures are targeted, this could potentially disrupt global crude supply.

Despite this concern, there have been worries about a potential oversupply in the coming months, which would dampen the high prices.

Meanwhile, the Organization of Petroleum Exporting Countries (OPEC+), including Russia as the biggest non-OPEC member, may see another delay in increasing its oil output due to weak global demand.

They initially planned to produce more in the latter part of this year; however, they may need to postpone their decision when they hold another meeting in December.

This week, oil companies announced that the string of oil price hikes has been cut with rollbacks: gasoline at P0.85 per liter, diesel at P0.75 per liter, and kerosene at P0.90 per liter.

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