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Fuel prices may rise again next week

Business | The Economy

Fuel prices may rise again next week

By Gabriell Christel Galang

This week’s substantial oil price rollbacks may be short-lived, as gasoline and diesel prices are expected to either flatten or rise by as much as ₱1 next week.

Based on four days of trading in Mean of Platts Singapore (MOPS), diesel prices may either decrease by up to ₱0.70 per liter or increase by as much as ₱1.20 per liter.

Gasoline prices are also likely to either decline by up to ₱0.50 per liter or increase by as much as ₱1.50 per liter.

Final fuel prices will be determined on Monday, June 29.

The possibility of lower prices can be attributed to the lifting of United States (US) sanctions on Iran while oil shipments continue moving freely through the Strait of Hormuz. This has signaled improved oil production from Gulf producers.

“Also weighing on prices is the sanctions waiver on Iranian oil that will allow Iran-origin crude oil and other petroleum products into the market,” a market expert said on Friday, June 26.

Because of the additional oil output, diesel prices are expected to ease gradually. However, gasoline prices are projected to increase next week due to growing demand.

“Firm demand from Indonesia, while Chinese exports stay limited due to current export restrictions, will continue to support Asian gasoline prices,” the industry expert added.

“Despite the political agreement, physical flows through the strait and shipping activity have yet to normalize.”

The source further noted that oil prices remain uncertain after four days of trading, as a recent attack on a cargo ship in the area has raised concerns that the peace agreement could unravel.

Related Tags

Fuel prices gasoline Diesel

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