Gas hike seen slowing as Middle East tension eases

After weeks of sharp price swings, Filipino motorists may finally get a moment of respite.

Gasoline prices are showing signs of softening, offering a rare reprieve from the relentless climb at the pump, even as diesel prices continue to rise. 

Citing the first four trading data at the Mean of Platts Singapore, an industry source said in a text message on Friday that next week’s pump price projections indicate that gasoline may post a flat to moderate increase of only up to P3 per liter.

Diesel prices, on the other hand, are expected to climb by around P11 to P12 per liter. 

The smaller uptick in diesel and the easing of gasoline are linked to de-escalation signals in the Middle East, which pushed crude oil benchmarks lower.

Gasoline, which tracks crude closely, eased as fears of prolonged supply disruptions eased.

“While gasoline has shown relative easing, diesel often moves differently and more sharply due to distillate supply tightness,” the source added.

Fuel prices surged this week, with gasoline, diesel, and kerosene all posting increases, though the jumps were smaller compared with the past two weeks. 

Diesel, the fuel widely used by the public transportation sector, saw the steepest increase, rising by around P15 to P18 per liter starting Tuesday.

Pump prices for regular diesel now range between P107 and P134.30 per liter, while diesel plus reaches P114.99 to P144.20 per liter.

Gasoline prices climbed more moderately, gaining P8 to P12 per liter across all grades. 

RON97, the high-octane fuel for performance engines, now costs between P87.69 and P112.40 per liter, while mid-grade RON95 ranges from P83.10 to P109.78. 

Standard-grade RON91, commonly used by most vehicles, is priced around P82.60 to P102.50 per liter. 

Kerosene also posted notable gains, increasing by P12 to P22 per liter, with pump prices now estimated between P111.99 and P165.79 per liter.