Following the Easter weekend—a time that lifts spirits for many—fuel prices might rise, too, next week.
Based on the latest trading on Mean of Platts Singapore (MOPS), gasoline could inch up by ₱1.30 to ₱1.60 per liter, while diesel could go up by ₱1.10 to ₱1.40 per liter.
This could reverse the respite that travelers enjoyed from oil price rollbacks during Holy Week.
Last week, gasoline cost around ₱56.90 to ₱71.44 per liter in Metro Manila, while diesel averaged between ₱54.30 and ₱56.10 per liter.
Kerosene had a ₱71.37-per-liter average price last week.
While there is no MOPS trading on Good Friday, April 18, Jetti Petroleum earlier projected upcoming prices to see incremental increases due to mounting economic challenges affecting the international market.
“While the heightened global economic uncertainties due to trade tensions continue to weigh on demand, prices have rallied on concerns about global supplies following United States (US) pressure on Iran over its nuclear program, and after the US imposed new sanctions to curb Iranian oil exports,” said Leo Bellas, president of Jetti Petroleum.
Oilprice.com similarly pointed to this concern, as experts forecasted weaker oil supply, which had previously been presumed to be more bullish.
“Further adding to supply worries is the OPEC plan for several oil-producing members to curb output to compensate for pumping above agreed quotas, and the ongoing peak maintenance season of refineries,” Bellas added.
This would mean that consumers are likely to feel pump price pains next week, as oil-producing countries plan more output cuts while refineries undergo maintenance, which could ultimately lead to tighter supply amid steady demand for gasoline, diesel, and kerosene.
The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) has yet to release its price projection for next week.