The Manila Times
MANILA, Philippines — Diesel and gasoline prices are expected to increase next week due to the re-escalation of geopolitical risks in the Middle East, local oil industry sources said on Friday. They said that diesel prices are expected to go up by around P2.00 to P2.50 per liter, while gasoline prices may increase by around P0.75 to P1.25 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. "Diesel prices again increased due to high crude oil prices following a re-escalation of geopolitical risks in the Middle East. The market remains structurally tight as stocks decline further and with demand normalizing seasonally," a local oil industry source said. "Gasoline prices also increased following a drawdown in global inventories, coupled with reduced refinery output as refiners in Asia are forced to process lighter grades of crude, for which refineries are not optimized, due again to Middle East crude feedstock shortage," the source added. Last Tuesday, oil companies rolled back diesel prices by P9.57 per liter, but slightly increased gasoline prices by P0.47 per liter.
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