Photo courtesy of Joan Bondoc/ Philippine News Agency (PNA)
Oil industry sources warn that diesel and gasoline costs could surge further due to the ongoing Middle East conflict.
Based on Mean of Platts Singapore (MOPS) trading from March 30 to April 2, diesel prices may increase by P17 to P19 per liter.
The projected hike could push regular diesel to around P165 per liter and premium diesel above P170 per liter, the source said.
Gasoline prices are expected to rise by P3 to P5 per liter, potentially bringing super premium to P120, premium to P117, and regular to P110 per liter.
The source noted that tightening diesel supply and sustained high demand are driving middle distillate prices higher than gasoline.
“Fears of extended supply disruptions continue to push prices to record levels. Talks with Iran could ease tensions, but until the Strait of Hormuz reopens, supply remains tight and prices supported,” the source added.
Department of Energy monitoring showed that for March 31 to April 6, retailers implemented increases of P14 per liter for diesel, P2.90 per liter for gasoline, and P2.50 per liter for kerosene. The total net increases this year now stand at P90.05 per liter for diesel, P48.20 per liter for gasoline, and P78.10 per liter for kerosene.
