Oil prices in the Philippines are projected to increase next week by PHP1 to PHP1.50 per liter due to supply-related concerns.
Jetti Petroleum president Leo Bellas cited disruptions from Ukrainian attacks on Russian oil facilities, fresh US sanctions on Iran, and OPEC+ production decisions as key factors influencing global oil prices. He said diesel could rise between PHP1.30 and PHP1.50 per liter, while gasoline may increase by PHP1 to PHP1.20 per liter.
“Oil prices have increased on worries of supply disruptions after Russian oil flows dropped significantly as the country’s oil processing facilities suffered serious damage from Ukrainian attacks. Worries of possible tighter supply ahead due to fresh US sanctions that targeted Iran’s oil revenue stream and initial market expectations that no change in production output from OPEC+ have also supported prices,” Bellas said.
He added that potential OPEC+ production hikes and doubts about US demand have further influenced price movements. Bellas noted that refined fuel supply remains sensitive to trade disruptions and geopolitical tensions.
This week alone, oil prices already climbed by PHP0.70 to PHP1 per liter, reflecting ongoing global supply pressures.