Another diesel price increase looms

MANILA, Philippines — Diesel prices are expected to increase further next week, as geopolitical risks threaten to disrupt global oil supplies.

Following a week of limited global market activity, Jetti Petroleum president Leo Bellas indicated a potential price hike of P0.20 to P0.40 per liter for diesel. Gasoline prices, meanwhile, could move up or down by P0.10 per liter.

Both diesel and gasoline prices in the Mean of Platts Singapore edged lower this week following a recovery in regional refinery output.

However, the freight and premium components of the price buildup remained high amid concerns that ongoing geopolitical developments could lead to supply disruptions, he noted.

For kerosene, the Department of Energy expects a price rollback of around P0.20 per liter next week. But this does not yet include oil firms’ operating costs and other premiums.

Price adjustments for next week will be announced on Monday and will take effect the following day.

Last week, diesel and kerosene prices went up, while gasoline held steady.