Mixed fuel price movements seen by yearend

MANILA, Philippines — Motorists can expect fuel prices to increase next week amid geopolitical issues that may disrupt supply.

Jetti Petroleum Inc. president Leo Bellas said gasoline prices are expected to be steady or increase by P0.10 per liter next week, while diesel prices are likely to go up by P0.30 to P0.50 per liter.

The Department of Energy, meanwhile, said kerosene prices are also expected to go up by P0.10 per liter next week.

The forecasts are based on the monitoring of this week’s benchmark Mean of Platts Singapore and foreign exchange movements compared to last week.

“Oil prices have been supported by geopolitical developments as the tougher US sanctions enforced on Venezuela and intensified attacks by Ukraine on Russian oil infrastructure have raised the risk of supply disruptions,” Bellas said.

Oil firms are expected to announce fuel price changes on Monday, while the adjustments will take effect the following day.

Earlier this week, oil firms reduced gasoline prices by P0.80 per liter, diesel by P1.30 per liter and kerosene by P1.60 per liter.