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Motorists brace for oil price increase next week

Business | The Economy

Motorists brace for oil price increase next week

By Gabriell Christel Galang

After two consecutive weeks of rollbacks, fuel prices are set to increase next week, driven by concerns over global supply and demand.

Based on four-day trading in the Mean of Platts Singapore (MOPS), gasoline could rise by ₱0.50 to ₱0.80 per liter, while diesel may see an increase of ₱0.60 to ₱1 per liter. Kerosene is also projected to go up by approximately ₱1 per liter.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) attributed these potential hikes to concerns about tighter supply and higher demand in the United States.

“There are forecasts for less US oil production while investors weighed strong US gasoline demand data, [and] renewed Houthi attacks on shipping vessels in the Red Sea,” OIMB Director Rodela Romero explained.

Earlier this week, reports of a second Houthi strike on commercial cargo vessels sparked worries about renewed tensions in the vital Red Sea oil route, potentially leading to supply disruptions.

Jetti Petroleum president Leo Bellas also noted that “prices of crude oil and refined fuel products have increased this week on signs of strong demand, which more than offset the impact of the additional supply following OPEC+'s decision to further unwind production cuts in August.”

This week's earlier fuel price drawdown was influenced by increased supply in the oil market after oil-producing nations agreed to boost their supply by 548,000 barrels of oil per day (b/d) by August. However, Bellas added, “bearish outlook on oil demand due to the potential adverse impact of US tariffs on global economic growth has weighed on prices.”

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