Over P1 per liter hike in pump prices seen

MANILA, Philippines — An upward adjustment of at least P1 per liter is expected at the pumps next week, as ongoing global supply disruptions continue to push prices higher.

An industry source pointed to a possible price hike of P1 to P1.30 per liter for diesel and P1.20 to P1.50 per liter for gasoline.

The projections were based on the four-day average of the Mean of Platts Singapore, a key pricing benchmark for refined petroleum products. Final price adjustments may still move.

“Diesel is supported by higher crude prices and unresolved supply disruptions, with feedstock procurement continuing to be a challenge for Asian refiners,” the source said.

Similarly, gasoline prices went up as global markets remained tight, with Asian supplies potentially moving to other regions.

The source cautioned that volatility may persist as uncertainty and tensions in the Middle East continue to weigh on market sentiment.

Last Tuesday, the Department of Energy mandated a maximum price increase of P1.21 per liter for gasoline and P2.82 per liter for diesel.