Diesel prices seen climbing next week on Middle East uncertainty
MANILA, Philippines – Diesel prices could rise anew by June 9 amid fears on growing uncertainty in the Middle East peace deal.
According to estimates from an industry source, diesel could increase by P4 to P4.50 per liter, while gasoline may fall by P1 to P1.50 per liter.
The estimates were based on the first three trading days at the Mean of Platts Singapore, as well as foreign exchange averages.
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“Crude oil and refined fuel products prices have rallied this week on worries of stalled diplomacy and prolonged supply disruption following the suspension of negotiations on the peace deal, and renewed threats by Iran of full closure of the Strait of Hormuz,” the source said.
Meanwhile, gasoline prices have dipped following an improvement in supply from regional refineries and weaker demand from some parts of Asia.
The source said that while initial data showed a jump in diesel prices, early signs from MOPS prices on Friday show the possibility of “tempering” the potential hike in diesel and may even result in a bigger rollback for gasoline. /pai INQ
