Fuel prices are set to rise next week, snapping a three-week streak of rollbacks, as global market factors push oil costs higher, according to the Department of Energy.
Oil Management Bureau Director Rodela Romero said on Friday that forecasted adjustments based on four days of trading data from the Mean of Platts Singapore per liter range from P0.60 to P1.00 for gasoline, P0.10 to P0.50 for diesel, and P0.10 to P0.30 for kerosene. She noted that theF final price changes will be determined after today's trading session.
"We will be expecting an increase in the prices of petroleum products by next week," Romero said in a text message.
Romero attributed the price hike to rising geopolitical tensions, particularly US military strikes on Yemen's Houthi rebels, as well as China's new fiscal stimulus measures and a decline in US fuel inventories.
Separately, Jetti Petroleum President Leo Bellas also noted an "upward drift" in prices, estimating that gasoline could rise by P0.95 to P1.15 per liter, while diesel may increase by P0.30 to P0.50 per liter.
He said concerns over oil supply disruptions due to renewed hostilities in the Middle East have pushed global risk premiums higher, while China's economic measures have further supported prices.
However, Bellas said oil price gains have been tempered by a strong US dollar, the US Federal Reserve’s decision to hold interest rates steady, and ongoing recession fears linked to global trade tensions.
This week, fuel retailers implemented a P0.20 per liter decrease for diesel and a P0.40 per liter drop for kerosene. It marked the third consecutive week of price cuts for these fuels. Gasoline prices, on the other hand, remain unchanged.
