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Fuel prices expected to rise next week, ending three-week rollback

Business

Fuel prices expected to rise next week, ending three-week rollback

By Gabriell Christel Galang

After a three-week streak of rollbacks, fuel prices may experience a hefty increase at the pump.

Based on four-day trading in Mean of Platts Singapore (MOPS), gasoline may climb by around ₱0.60 to as high as ₱1.15 per liter, and diesel could increase by somewhere between ₱0.10 and ₱0.50.

Kerosene is also seeing a potential rise by around ₱0.10 to ₱0.30 per liter.

Middle Eastern tensions, the Russia-Ukraine ceasefire, and economic movements in the United States (US) were cited as drivers to next week’s potential spike in fuel prices, according to analysts.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) mentioned that the US had launched military strikes on Houthis, which suggests a threat to oil supply and transport.

“US government data showed a draw in fuel inventories,” said Rodela Romero, OIMB director.

Additionally, analysts are projecting that China’s fiscal stimulus plans will boost demand, which could, in turn, serve as a bullish driver for prices.

Jetti Petroleum also noted that the stronger US dollar, along with other US economic activities, could help dampen the rise of oil prices in the last week of March.

“[The] strong dollar against a basket of currencies, the US central bank’s decision to hold interest rates steady, the renewed prospects of a Russia-Ukraine ceasefire, and recession fears due to the tariff wars have been holding oil prices back,” Jetti President Leo Bellas elaborated.

This week, diesel dropped by ₱0.20 per liter, and kerosene went down by ₱0.40. Gasoline prices for this week, meanwhile, remained steady.

Last week, gasoline in Metro Manila stood at around ₱55.40 to ₱71.95 per liter, while diesel was between ₱53.70 and ₱58.40. Kerosene cost ₱70.60 per liter.

Related Tags

Diesel Kerosene prices fuel prices Gasoline prices

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