Photo courtesy of Philippine News Agency (PNA).
Fuel prices in the Philippines could fall slightly next week, with diesel expected to drop by up to ₱0.30 per liter and gasoline possibly easing by as much as ₱0.20 per liter, industry sources said.
Jetti Energy President Leo Bellas noted that the Asian benchmark, the Mean of Platts Singapore, showed lower prices this week due to ample supply of refined products and oversupply concerns in crude oil markets.
Despite these declines, he warned that escalating geopolitical tensions in Venezuela, Russia, Ukraine, and the Middle East could quickly reverse the trend and limit any domestic price cuts.
This week, gasoline prices fell by ₱0.10 per liter, while diesel and kerosene saw slight increases of ₱0.20 and ₱0.10 per liter, respectively, reflecting global market fluctuations.
Analysts said the projected price easing is supported by expectations of oversupply in the first quarter, although risks remain from international developments that could push prices higher.
Bellas explained that even minor shifts in global supply or policy changes could erase the anticipated rollback on domestic pump prices.
Consumers are advised to monitor weekly price announcements, as adjustments will depend on the latest movements in crude oil and refined product markets abroad.