After five consecutive weeks of hikes, gasoline prices may finally see a rollback of around P0.80 per liter, while diesel and kerosene are expected to continue their upward streak amid volatile market conditions.

In a statement on Friday, Department of Energy Oil Industry Management Bureau Director Rodela Romero said four-day trading data at the Mean of Platts Singapore, the regional benchmark adopted by the local deregulated industry, pointed to mixed movements.

Based on the agency’s estimates, gasoline is likely to see a rollback of about P0.80, diesel a rise of P0.05, and kerosene an increase of roughly P0.40.

“Heightened geopolitical risks brought by the US action for the European nations to ‘immediately’ stop buying Russian energy or else they will impose tariffs on such countries. This makes the oil market bullish. But additional global oil supplies are seen after Iraq resumes oil exports via pipeline to Turkey,” Romero said.

Jetti Petroleum President Leo Bellas, on the other hand, explained that diesel and gasoline were initially trading lower during the week, but “the drastic increase in crude oil prices have also pushed MOPS prices higher, wiping out initial losses and reversing the downtrend seen earlier this week.”

He added that gasoline prices eased due to ample supply in Asia, where output may be outpacing demand following China’s release of its third batch of clean export quota volumes.

Rising gasoline stockpiles in the region have also pressured prices, especially as exports are expected to slow with the end of the summer driving season. 

Meanwhile, diesel remains supported by concerns over potential supply disruptions in Asia, steady industrial activity in Europe, and higher demand tied to the harvest season in the United States.

This week, fuel retailers implemented increases of P1 per liter for gasoline and kerosene, and P0.80 per liter for diesel, the fifth consecutive week of pump price hikes.