Diesel projected to hit P146/liter next week

Motorists should brace for another round of double-digit pump price hike for diesel, which could push its price to nearly P150 per liter, in the coming week, still amid the global oil shock due to the Middle East conflict.

Citing estimates based on Mean of Platts Singapore (MOPS) trading in the past four days, an oil industry source said the pump price of diesel may go up by P11 to P12 per liter.

This projection could bring up the per liter price of diesel to P118 to P146.3 per liter.

For this week (March 24 to 30), the pump price range for diesel was estimated at P107 to P134.30 following the P15 to P18 per liter upward adjustment. 

For premium diesel, the estimated increase could bring its pump price to a range of P125 to P156 per liter based on its P115 to P144 per liter pump price range this week.

Gasoline, on the other hand, is projected to either have no change or an increase of P3 per liter —which could bring its pump price to as high as P115.4.

“The relatively lower increase on diesel and easing of gasoline prices, although still remaining at elevated levels, are driven by de-escalation signals in the Middle East conflict, resulting to a drop in crude oil price benchmarks,” the oil industry source said.

“Gasoline prices, which closely track crude and regional supply risks, softened as fears of prolonged supply outages are somewhat reduced. While gasoline has shown relative easing, diesel often moves differently and more sharply due to distillate supply tightness,” the industry source added.

READ: Why diesel is more expensive than gasoline amid recent price hikes 

President Ferdinand ''Bongbong'' Marcos Jr. earlier said that the country has sufficient crude oil supply until June 30, 2026.

''Mayroon na tayong supply of crude oil, sufficient supply, hanggang June 30... tuloy pa rin ang paghahanap natin ng supply,'' Marcos said at the sidelines of the opening of the NAIA Expressway Phase II. 

Marcos has already declared a state of national energy emergency on March 24 amid the continuous increase in the prices of oil products. —VAL, GMA Integrated News