Motorists can expect mixed fuel price adjustments next week, with gasoline prices projected to increase while diesel prices are set to decline, according to Jetti Petroleum president Leo Bellas.
Gasoline is expected to rise by PHP 0.40 to PHP 0.60 per liter, while diesel may drop by PHP 0.70 to PHP 0.90 per liter. Bellas said the trend follows movements in the Mean of Platts Singapore (MOPS) benchmark, with gasoline supported by strong seasonal demand and diesel prices softening amid slowing demand and higher supply.
“MOPS prices have seesawed… with diesel declining as demand appeared to be slowing down… while gasoline remaining strong as the seasonal summer demand continues to rise,” Bellas said.
He noted that crude oil prices have generally weakened this week, partly on expectations that sanctions on Russia might ease if peace talks between US President Donald Trump and Russian President Vladimir Putin succeed.
Bearish inventory and supply data also pressured prices, with US crude and diesel inventories rising more than expected. Bellas added that easing US-China trade tensions and optimism over a possible US interest rate cut in September have influenced the market.
However, he warned that uncertainty over US-Russia peace talks could still add a “bullish risk premium” to oil prices if no deal is reached.
Fuel prices dropped this week, reversing the increases posted the previous week.