AP FILE PHOTO
MANILA, Philippines–Oil firms are expected to impose modest hikes in diesel prices this week as Asian orders supported demand despite trading volatility.
Estimates from industry sources placed the increase in diesel prices between P0.20 and P0.40 per liter.
Excluding this week’s anticipated diesel price hike, year-to-date net increase for gasoline and diesel stands now at P0.74 per liter and P2.28 per liter, respectively.
Oil prices generally seesawed over the previous weeks on reports of stabilized oil production in Libya and the Middle East as well as indications of weak demand in the US.
The Department of Energy’s (DOE) latest Oil Monitor said the demand in the Asian gasoil/diesel market had some price support from demand in Indonesia and Sri Lanka for November deliveries. Cash differentials continued to inch up, the report said.