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Gasoline, diesel prices to increase next week

Business | The Economy

Gasoline, diesel prices to increase next week

By Gabriell Christel Galang

Motorists may need to tighten their belts as fuel prices are set to increase next week.

Based on the four-day trading Mean of Platts Singapore (MOPS), gasoline is expected to rise somewhere between ₱0.15 and ₱0.60 per liter, while diesel is expected to jump to around ₱0.50 to ₱0.90 per liter.

Kerosene is also expected to jump somewhere around ₱0.25 and ₱0.40 per liter.

These price movements are attributed to ongoing geopolitical tensions, such as those between the United States (US) and the Middle East, according to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB).

“[There are] persistent geopolitical tensions such as the conflict between Russia and Ukraine, and the US-Iran Nuclear deal,” said Rodela Romero, OIMB director.

Additionally, the US crude oil inventories are experiencing a significant reduction, which is said to be larger than anticipated.

Production in Canada had also been halted due to wildfires, which raises concerns about supply.

Moreover, Jetti Petroleum anticipated the growth of fuel demand as the summer season settled in.

“Firmer demand for gasoline and diesel, with the start of the summer driving season in northern hemisphere countries, and lower regional supply, due to ongoing refinery maintenance and persistently low outflows from China, have further supported prices,” said Leo Bellas, Jetti president.

Related Tags

Oil price hike

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