Up to P3/liter gasoline hike, P0.60 diesel rollback seen next week

Motorists should expect mixed movements in pump prices next week.

Citing estimates based on the Mean of Platts Singapore trading and foreign exchange averages in the past four days, an oil industry source said the following are the projected price movements in petroleum products:

• Gasoline — +P2.90 to +P3.20 per liter
• Diesel — -P0.40 to -P0.60 per liter

“Diesel and gasoline closely followed the movement of crude oil, which continues to be supported by concerns about energy supply disruptions in the Middle East as regional attacks continue and worries the US could strike Iran after next week’s US midterm elections. However, hopes for a breakthrough in the diplomatic efforts to end the eight-month-long conflict helped pare oil’s further rise,” the source said.

“Furthermore, improving fuel supply prospects helped unwind diesel and gasoline gains after China issued a fourth batch of fuel export quotas for gasoline, diesel and jet fuel. Offering additional relief to tight Asian and global markets is the easing by South Korea of its diesel export restrictions,” the source added.

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

This week, fuel firms implemented mixed movements in pump prices.

The adjustments in the prices of fuel products from October 27 to November 2 are as follows:

• Gasoline — -P0.30 per liter
• Diesel — +P1.20 per liter
• Kerosene — +P0.50 per liter

—VAL, GMA News