DIESEL prices are expected to go down, while gasoline prices are seen to spike slightly next week, influenced by global developments, industry sources said on Friday. Sources estimate diesel prices would go down by about P0.60 up to 0.80 per liter, while gasoline will either stay the same or go up slightly by P0.20 per liter. These estimates are based on the 4-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia. Sources said the global developments dictating the prices included oversupply from the Oil Petroleum Exporting Countries (OPEC), and the US; the International Energy Agency's reduction of its global oil demand forecast due to concerns about a market surplus; and oil traders seeing prices fall with geopolitical "risk premium" dissipating in the Middle East. They added that prices could still remain volatile due to the possibility that India would stop Russian oil imports which, in turn, could increase demand for supplies from other sources; the decreasing availability of fuel products and crude oil from Russia due to persistent Ukrainian drone strikes on Russian refineries, and the sanctions of the British government that are set to be imposed on Russia’s biggest energy companies. Also, they mentioned that geopolitical tensions between Russia, the US and Ukraine could bring further uncertainty over global energy supplies. "Oil prices fell this week due to demand concerns resulting from the US-China trade tensions, and worries of a looming supply glut in 2026. Specifically, diesel prices have softened week-on-week, though values remain broadly elevated as several refineries within Asia are still undergoing scheduled turnarounds. Meanwhile, gasoline prices have also generally dropped, but a decrease in regional gasoline inventories in Asia, coupled with firm demand from Indonesia, and opportunities to fill the supply gaps in Middle East, Africa and Europe on the back of refinery maintenances, have prevented prices from further going down," Jetti Petroleum president Leo Bellas said. "However, further volatility this week is expected due to the possibility of India stopping Russian oil imports; decreasing availability of fuel products and crude oil from Russia due to persistent Ukrainian drone strikes on Russian refineries; and sanctions by the British government on Russia’s biggest energy companies. The geopolitical tensions between Russia, the US and Ukraine are also bringing further uncertainty over global energy supplies," he added. "Based on the 4-day trading in Mean of Platts, Singapore, we will be expecting a rollback in some of the prices of petroleum products by next week. Relevant news contributing to these adjustments are the crude oil continuing to look weak due to oversupply; international Energy Agency cutting its global oil demand forecast citing concerns about a market surplus; and oil traders seeing prices falling as geopolitical ‘risk premium’ dissipates," Department of Energy-Oil Industry Management Bureau director Rodela Romero said. This week, local oil companies implemented a P0.30 per liter increase on gasoline, but did not adjust diesel prices.