1 month ago
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It may be another round of fuel price pain as analysts predict increases by next week.
Based on the first four days Means of Platts Singapore (MOPS) and foreign exchange averages, gasoline prices could increase by ₱0.45 to ₱0.85, while diesel could jump by ₱0.30 to ₱0.75.
Kerosene is also anticipated to increase by ₱0.15 to ₱0.30.
Escalating tensions in the Middle East, which could potentially disrupt oil production and transport, is one of the reasons for the forecasted price increase next week, according to the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB).
The United States sanctions on Russia and Iran also continue to put pressure on oil prices, while some are seeing a tight availability due to export cuts from big suppliers and the upcoming spring refinery maintenance.
This won’t mean prices would remain high, as Jetti petroleum president Leo Bellas stated that there’s a “potential Ukraine-Russia peace deal may ease supply disruptions, and concerns that the threats of additional tariffs against US trade partners may reduce economic growth and oil demand.”
Despite the ongoing US sanctions, America is stacking up its crude oil reserves, keeping the prices in check to avoid higher fuel costs.
Last week, gasoline prices were priced around ₱59.55 to ₱70.97 per liter, while diesel costs between ₱59.80 and ₱61.40 per liter. These have recently been adjusted due to a series of rollbacks in fuel.
On Tuesday, gasoline and diesel prices declined by ₱0.10 per liter, and kerosene cut back its prices to ₱0.30 per liter.
