MANILA — There may be a break in the consecutive gasoline price hikes next week, according to an oil industry executive, citing recent global price movements as of Thursday.
In a statement, Jetti Petroleum President Leo Bellas said gasoline prices could either drop by PHP0.10 per liter or increase by the same amount, depending on final market movements.
Diesel prices, however, are expected to rise between PHP0.30 and PHP0.50 per liter.
Bellas attributed the expected diesel increase to continued strength in European markets, which influences global demand. He cited the Means of Platts Singapore (MOPS) — the benchmark for fuel prices in the Asia-Pacific — as showing consistent alignment with European diesel trends.
“Expectations of tightening supply amid upcoming refinery turnarounds continue to support diesel fundamentals,” Bellas said.
He also noted a shift in gasoline market dynamics. “Gasoline demand is seen easing as the summer driving season winds down, but planned maintenance at major refineries is expected to tighten supply,” he explained.
While the average crude oil price this week remains slightly lower compared to the previous week, Bellas said prices have been trending upward. This is driven by concerns over potential new sanctions on Russia and the possible expansion of secondary tariffs to its key buyers — moves that could disrupt Russian crude exports and tighten global supply.
Geopolitical tensions are also contributing to price volatility, Bellas added, pointing to Israel’s reported attack in Doha, Qatar on Tuesday, and Poland’s interception of suspected Russian drones in its airspace from late Tuesday to early Wednesday.
Still, these geopolitical risks are being moderated by a smaller-than-expected oil output increase from OPEC+.
“Oversupply concerns and slowing demand continue to weigh on prices, offsetting the perceived shortage risks linked to rising tensions in the Middle East and Ukraine,” Bellas said.
Local fuel prices have increased for the fourth straight week, with adjustments ranging from PHP1.00 to PHP1.40 per liter.| – Balikas.net with reports from PNA
