Mixed fuel price adjustments expected next week

MANILA, Philippines — Motorists will continue to enjoy diesel savings for a third consecutive week, while gasoline prices will likely rise again next week.

In a Friday advisory, Jetti Petroleum president Leo Bellas said diesel prices may decrease by P1.80 to P2 per liter.

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Gasoline, meanwhile, may rise by P2 to P2.20 per liter.

Fears of further supply disruptions continue to drive the expected mixed price adjustments.

“While oil is relatively weaker this week due to reserve releases and recovering Middle Eastern flows, persistent security threats amid tanker attacks and further escalation in the region have heightened supply concerns,” Bellas said.

“Furthermore, the shutting down of oil and gas production in the Gulf of Mexico due to an approaching hurricane also pushed prices, as the potential curtailment of US refining capacity could exacerbate energy flows and supply,” he added.

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Bellas’ estimates were based on the first four days of trading at the Mean of Platts Singapore (MOPS), and foreign exchange movements. MOPS is the basis for the pricing of refined petroleum products in Southeast Asia.

The figures could still change with one more trading session left this week.

Fuel retailers will announce their price adjustments on Monday. /pai