MANILA — A pause in gasoline price hikes may be in sight next week, according to an oil industry official, citing recent global price trends.
Jetti Petroleum President Leo Bellas said gasoline prices could either decrease by PHP0.10 per liter or rise by the same amount, based on benchmark price movements and foreign exchange rates as of Thursday.
Diesel prices, on the other hand, are projected to increase by PHP0.30 to PHP0.50 per liter.
Bellas attributed the expected diesel hike to strong European market demand, which continues to influence global diesel trade. He cited the Means of Platts Singapore (MOPS) as showing resilience driven by upcoming refinery maintenance and tight supply expectations.
“Expectations of tightening supply amid upcoming refinery turnarounds continue to support diesel fundamentals,” Bellas said.
For gasoline, he noted that demand is beginning to ease with the summer driving season ending. However, planned maintenance at major refineries may tighten supply and keep prices from falling significantly.
While crude oil prices averaged slightly lower this week, Bellas said concerns over potential new sanctions on Russia and the extension of tariffs to its key buyers are pushing prices upward, amid fears of supply disruption.
Geopolitical tensions are also adding pressure, with recent developments such as Israel’s reported attack in Doha, Qatar, and Poland’s interception of suspected Russian drones.
However, Bellas noted these risks are being offset by a smaller-than-expected output increase from OPEC+ and lingering concerns over slowing global demand.
“Despite rising tensions in the Middle East and Ukraine, oversupply worries are putting downward pressure on prices,” he said.
Domestic fuel prices rose for the fourth consecutive week, with increases ranging from PHP1.00 to PHP1.40 per liter.| – Kabayannews.net
