Diesel, gasoline prices seen rising next week
MANILA, Philippines – Oil prices may rise anew next week, May 19, with diesel expected to post a sharper increase amid renewed conflict in the Middle East.
An industry source said Friday that estimates showed diesel prices could climb by P2 to P2.50 per liter next week, while gasoline may rise by P0.75 to P1.25 per liter.
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The forecast was based on the first four days of Mean of Platts Singapore trading and foreign exchange movements this week.
“Upside pressure to diesel price reemerged due to high crude oil prices following a reescalation of geopolitical risks in the Middle East,” the source said.
The source added that the middle distillate market remained “structurally tight” as inventories continued to decline while seasonal demand normalized.
Gasoline prices rose due to tighter global supplies from inventory drawdowns and reduced refinery output in Asia.
Refiners in the region faced production inefficiencies and had to process lighter crude grades due to shortages of Middle Eastern feedstock.
