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Diesel prices may fall next week, gasoline seen rising further

Business | The Economy

Diesel prices may fall next week, gasoline seen rising further

By Gabriell Christel Galang

A GASOLINE station in Baguio City. (Baguio City PIO FB)

A GASOLINE station in Baguio City. (Baguio City PIO FB)

Diesel prices are expected to decline next week, while gasoline prices may continue to rise amid supply tightness and sustained seasonal demand.

Based on the four-day trading of the Mean of Platts Singapore (MOPS), gasoline prices may increase by ₱1 to ₱3 per liter, while diesel prices could fall by ₱7 to ₱9 per liter.

Final price adjustments will be announced by oil companies on Monday, May 11.

According to an industry source, gasoline prices continued to climb due to tighter supply conditions and rising seasonal demand, which also pushed up cargo premiums.

Meanwhile, diesel prices are projected to decline as cargo premiums for the fuel eased.

“MOPS prices on diesel and other middle distillates have moved in tandem with crude oil, which eased down this week on diplomatic signals from both the United States (US) and Iran on the latest peace proposal in the Middle East,” the source said.

The US-Iran ceasefire appeared to weaken after the US launched retaliatory strikes against Iran over attacks involving US ships passing through the Strait of Hormuz.

Last week, diesel prices rose by ₱2.66 per liter, while gasoline prices increased by ₱2.21 per liter.

Prior to the expected adjustments next week, gasoline pump prices ranged from ₱82 to ₱107.11 per liter, while diesel prices ranged from ₱79.62 to ₱102.16 per liter.

Related Tags

fuel prices Rollback diesel Gasoline

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