Jetti Petroleum president Leo Bellas on Friday said gasoline prices in the Philippines may experience a minor adjustment next week, with a possible decline of PHP0.10 per liter or an increase of the same amount, based on price movements as of Thursday.
Diesel, however, is forecast to rise between PHP0.30 and PHP0.50 per liter due to strong global demand, particularly influenced by European markets, and expectations of tightening supply amid upcoming refinery turnarounds.
Bellas noted that gasoline demand is easing as the summer driving season ends, though planned refinery maintenance may limit supply. He added that geopolitical tensions, including Israel’s attack in Doha and drone incidents over Poland, along with potential sanctions on Russia, are contributing to crude oil price volatility.
“These factors are, however, countered by the latest oil output increase from OPEC+, being smaller than anticipated,” Bellas said, noting that oversupply concerns and slowing demand continue to put downward pressure on prices.
Domestic oil prices have risen for the fourth consecutive week, increasing between PHP1 and PHP1.40 per liter.