3 weeks ago
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Fuel prices are expected to see mixed movements next week, with some potentially rising while others fall.
Based on the four-day Means of Platts Singapore (MOPS) and the average foreign exchange rate, gasoline prices could rise by ₱0.40 to ₱0.75, while diesel prices could decrease by at least ₱0.10 or increase by up to ₱0.40.
Kerosene prices may remain unchanged or increase by up to ₱0.10 per liter.
The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) attributes the potential price changes to possible supply disruptions in the global oil market.
OIMB Director Rodela Romero cited tensions in Ukraine that caused a supply halt from Kazakhstan, noting that the "alarming Kazakhstan supply disruption [was] triggered by a recent Ukrainian drone attack on a Russian pumping station.”
To encourage peace talks between Ukraine and Russia, the G7 nations (the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom) are seeking to tighten Russia’s oil price cap.
Additionally, OPEC+ may delay its planned output increases until April, potentially impacting future fuel prices.
Jetti Petroleum President Leo Bellas raised concerns about oil output from India, stating, “While the region’s diesel supply is expected to remain ample despite the approaching refinery turnaround season, worries of Indian supplies pivoting away from Asia are putting a floor on prices.”
Furthermore, some of Asia’s largest suppliers are experiencing lower outflows as demand could rise during Ramadan, potentially straining gasoline production.
