Oil prices may rise by a peso next week

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Motorists will need to tighten their belts once more, as fuel prices are projected to increase by a peso next week.

Based on the four-day Mean of Platts Singapore (MOPS), gasoline prices are anticipated to climb up by around ₱0.80 to ₱1.40 per liter, while diesel could inch up by ₱0.40 to ₱1.

Kerosene is also expected to spike next week, possibly increasing by ₱0.50 to ₱0.70 per liter.

Geopolitical uncertainty looms over these potential adjustments, as the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) noted a strain in the international supply.

“[The] fresh United States (US) sanctions on Iran’s oil shipping network tighten global crude supply, and a sharper-than-expected decline in US crude inventories,” said Rodela Romero, OIMB director.

Earlier this week, the US Treasury Department announced that it has issued sanctions over Iranian liquefied petroleum gas (LPG) amid talks with Iran for potential nuclear energy programs.

Despite the slowdown on the US fuel stockpile, which would affect next week’s consumer oil prices, Jetti Petroleum also saw the possibility of a lower imposed tariff on China.

“[There is the] easing fears about economic uncertainty in the US, the prospects of lowering of tariffs on imported Chinese goods,” said Leo Bellas, Jetti president.

Last week, prices of gasoline in Metro Manila weighed an average of ₱53.30 to ₱67.49 per liter, while diesel stood between ₱50.20 and ₱63.28 per liter.

Kerosene averaged ₱68.07 per liter.