Mixed fuel price movements are expected in the Philippines next week, with a gasoline rollback and increases in diesel and kerosene, driven by easing US-Iran tensions, ample supply, and softer global demand.
Photo courtesy of Shutterstock
Motorists can expect another increase in fuel prices next week, 19 May, amid continued tensions in the Middle East affecting global oil supply.
An industry source said diesel prices may rise by P2.00 to P2.50 per liter, while gasoline prices could increase by P0.75 to P1.25 per liter.
The projected adjustments are based on the Mean of Platts Singapore trading and foreign exchange averages over the past four days.
The expected increase was attributed to tighter global fuel supplies and reduced refinery output caused by production inefficiencies and feedstock shortages in the Middle East.
