MANILA — Domestic fuel prices may move in opposite directions next week, with gasoline expected to increase while diesel could decline amid continued volatility in the global oil market.
Jetti Petroleum President Leo Bellas said Thursday that, based on developments in the Asian market and foreign exchange movements, gasoline prices could rise by Php 1.50 to Php 1.80 per liter.
Diesel prices, meanwhile, are projected to fall by Php 0.50 to Php 0.80 per liter.
Bellas said concerns over global oil supply continue to influence prices, particularly amid developments in the Middle East.
He noted that supply from the region has recovered, but stalled US-Iran peace talks and renewed attacks in the Strait of Hormuz have fueled concerns over possible disruptions.
Supply worries have also intensified following China’s suspension of exports beyond Hong Kong and Macau, while refinery damage in the Middle East and Russia has affected available supply, Bellas said.
He added that oil prices climbed further following reports of additional US troop movements to the Middle East and renewed attacks on Iran.
The projected gasoline increase would reverse this week’s Php 0.30-per-liter rollback.
Diesel prices, meanwhile, dropped by around Php 7.60 per liter this week, while kerosene prices declined by less than Php 6 per liter.
