Up to P4.20/liter gasoline rollback, P0.40/liter diesel hike seen next week

Motorists should expect mixed movements in fuel prices to be implemented in the coming week.

Citing estimates based on the Mean of Platts Singapore and foreign exchange averages in the past four days, an oil industry source said the following are the expected adjustments in pump prices:

• Diesel - P0.20 to P0.40 per liter (hike)
• Gasoline - P4.00 to P4.20 per liter (rollback)

“Diesel rose as low global inventories persisted, but further increase is tempered by the prospect of additional supply from Russia and release of diesel stocks from G7 nations, although doubts remain whether the US-Russia diesel deal will deliver meaningful additional supply,” the industry source said.

“Easing supply concerns in Asia and improving gasoline availability as refineries return from turnaround have pressured prices, easing week-on-week,” the source added.

Oil companies announce official price movements every Monday, to be implemented on the following day.

This week, oil companies slashed diesel prices by P3.01 per liter. Meanwhile, gasoline and kerosene prices were increased by P1.56 per liter and P1.77 per liter, respectively.

“Heightened supply concerns as shipping disruptions in the Strait of Hormuz and attacks by Houthis on Saudi Arabia continue have caused oil to rise,” the source said.

“However, increased Gulf oil flows and output from Russia, emergency stock releases, and possible easing of restrictions by the US on sanctioned vessels that could lower freight costs have put a lid on prices,” the source added. —AOL, GMA News