Fuel prices seen rising anew on global supply concerns
Global oil prices have been under pressure from concerns over reduced exports from key suppliers, particularly as refinery maintenance season approaches.
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Global oil prices have been under pressure from concerns over reduced exports from key suppliers, particularly as refinery maintenance season approaches.
After a week of rollback, fuel prices are expected to increase next week as global oil markets react to escalating Middle East tensions and stricter United States sanctions on Iran and Russia.
Department of Energy (DoE) Oil Industry Management Bureau Director Rodela Romero said on Friday that the international oil market posted three days of gains this week due to these geopolitical factors, leading to projected increases in local pump prices.
"This resulted in an estimated increase in the prices of petroleum products by next week," Romero said in a text message.
She said early estimates indicate gasoline prices may rise by P0.45 to P0.75 per liter, diesel by P0.30 to P0.60, and kerosene by P0.15 to P0.30.
On the other hand, Jetti Petroleum President Leo Bellas projected a sharper increase, with gasoline prices expected to climb by P0.65 to P0.85 per liter and diesel by P0.55 to P0.75 per liter based on the Mean of Platts Singapore and foreign exchange movements.
Bellas pointed out that global oil prices have been under pressure from concerns over reduced exports from key suppliers, particularly as refinery maintenance season approaches.
However, he said market gains have been tempered by expectations of a possible Ukraine-Russia peace deal and a buildup in US crude inventories, which could ease supply constraints.
This week, gasoline and diesel prices decreased by P0.10 per liter, while kerosene costs declined by P0.30 per liter.
Fuel retailers will announce the final price adjustment on Monday, with implementation set for early Tuesday morning.
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