The Manila Times
MANILA, Philippines — Diesel and gasoline prices will increase again next week although at a slower pace as discussions between the US and Iran are ongoing to de-escalate the war in the Middle East, a local industry source said on Friday. The source said that diesel prices were expected to go up by around P11.00 to P12.00 per liter while gasoline will either have no adjustments or increase by around P3 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. This will also be the 11th straight week that diesel and gasoline prices have increased. "For this week, the relatively lower increase on diesel and slight easing of the increase of gasoline prices, are driven by de-escalation signals in the Middle East conflict, resulting to a drop in crude oil price benchmarks," the source said. "Gasoline prices, which closely track crude and regional supply risks, softened as fears of prolonged supply outages are somewhat reduced. Diesel however, often moves differently and more sharply due to distillate supply tightness," the source added. Local oil companies raised gasoline and diesel prices last week by around P8-P12 per liter and around P15-18 per liter respectively.
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