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, while diesel prices are likely to go up by P0.30 to P0.50 per liter. The Department of Energy said kerosene prices are also expected to rise by P0.10 per liter.
In Manila, Philippines, oil experts have forecasted mixed movements in fuel prices next week due to global tensions. Jetti Petroleum Inc. president Leo Bellas stated that gasoline prices are expected to remain steady or rise by P0.10 per liter, while diesel prices are likely to increase by P0.30 to P0.50 per liter. The Department of Energy added that kerosene prices will also go up by P0.10 per liter.
These predictions are based on monitoring 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 price changes on Monday, with adjustments taking effect on Tuesday. Earlier this week, oil companies reduced gasoline prices by P0.80 per liter, diesel by P1.30 per liter, and kerosene by P1.60 per liter. These shifts reflect ongoing global issues in the oil market, creating uncertainty for consumers.
