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

Fuel prices set to rise again next week

Published Feb 14, 2025 03:40 am

It may be another round of fuel price pain as analysts predict increases by next week.

Based on the first four days Mean of Platts Singapore (MOPS) and foreign exchange averages, gasoline prices could rise by ₱0.45 to ₱0.85 per liter, while diesel could jump by ₱0.30 to ₱0.75 a liter.

Kerosene is also anticipated to increase by ₱0.15 to ₱0.30 per liter.

Escalating tensions in the Middle East, which could potentially disrupt oil production and transport, are among the reasons behind the forecasted price hikes next week, according to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB).

The United States’ sanctions on Russia and Iran also continue to put pressure on oil prices, while some are seeing tight availability due to export cuts from big suppliers and the upcoming spring refinery maintenance.

This won’t mean prices would remain high, as Jetti Petroleum Inc. President Leo Bellas stated that “a potential Ukraine-Russia peace deal may ease supply disruptions, and concerns that the threats of additional tariffs against US trade partners may reduce economic growth and oil demand.”

Despite its ongoing sanctions, the US is stacking up crude oil reserves, keeping prices in check to avoid higher fuel costs.

Last week, gasoline prices were priced around ₱59.55 to ₱70.97 per liter, while diesel costs between ₱59.80 and ₱61.40 a liter—adjusted downwards following a series of fuel rollbacks.

On Tuesday, gasoline and diesel prices declined by ₱0.10 per liter, and kerosene cut back prices by ₱0.30 a liter.

Related Tags

Diesel Kerosene prices Gasoline prices
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