Gasoline rollback, slight diesel hike seen next week

MANILA, Philippines — Motorists may see gasoline prices drop by as much as P4.20 a liter next week, while diesel prices could rise, an industry source said.

Gasoline prices will like drop by P4 to P4.20 a liter for the week of Oct. 19, while diesel prices may rise by P0.20 to P0.40 a liter.

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The forecast is based on the first four days of this week’s Mean of Platts Singapore (MOPS) and foreign exchange averages. The estimates remain subject to change.

“Easing supply concerns in Asia and improving gasoline availability as refineries return from turnaround have pressured prices, easing week-on-week,” Jetti Petroleum president Bellas said.

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Diesel prices, meanwhile, rose as global inventories remained low. Prospects of additional Russian supply and diesel stock releases from G7 nations tempered the increase.

Doubts remain, however, over whether a US-Russia diesel deal would deliver substantial additional supply.

Broader oil prices faced upward pressure from shipping disruptions in the Strait of Hormuz and continued Houthi attacks on Saudi Arabia, the source said.

Increased Gulf oil flows, Russian output and emergency stock releases helped limit gains. Possible US easing of restrictions on sanctioned vessels could also lower freight costs.