Motorists in the Philippines should prepare for a significant price hike in petroleum products next week, with diesel prices potentially rising by ₱19 to ₱22 per liter and gasoline by ₱12 to ₱16 per liter due to global oil market trends and geopolitical tensions.
According to sources within the oil industry, based on global oil trading results over the past four days, diesel prices in the Philippines may increase by ₱19 to ₱22 per liter next week. Gasoline prices are also expected to rise by ₱12 to ₱16 per liter. This anticipated increase is linked to expected upward movements in the Mean of Platts Singapore (MOPS) this Friday. The recent partial closure of the Strait of Hormuz amid conflict involving the US, Israel, and Iran has also contributed to current price surges. This week, fuel retailers agreed to stagger the recent major price increases to mitigate the impact on consumers. According to the Department of Energy data, this week saw retail price hikes of ₱7 to ₱13 per liter for gasoline, ₱17.50 to ₱24.25 per liter for diesel, and ₱32 to ₱38.50 per liter for kerosene. The situation remains dynamic due to geopolitical tensions affecting supply routes.
Sources referenced:
- https://www.gmanetwork.com/news/balitambayan/balita/979907/taas-presyo-ng-diesel-sa-susunod-na-linggo-posibleng-sumipa-ng-hanggang-p22-l-p16-l-naman-sa-gaso/story/