Another round of fuel increases expected next week

National

EXPECT another round of pain at the pump next week, with fuel prices projected to rise on continued global supply pressures.

An industry source told Philstar that diesel prices may go up by around P1 to P1.30 per liter, while gasoline could rise by roughly P1.20 to P1.50 per liter. The projections are based on recent movements in the four-day average of the Mean of Platts Singapore, which is commonly used as a reference for refined fuel pricing in the region.

Supply conditions in the global diesel market remain tight, with higher crude oil costs and ongoing disruptions continuing to support upward pressure on prices.

Constraints in feedstock availability have also been affecting refining operations in Asia, contributing to the expected increase.

Gasoline prices are likewise trending higher amid persistent global tightness. Some supply flows from Asia are also being redirected to other markets, adding further pressure on regional availability.

Uncertainty in global oil trading continues to drive volatility, with geopolitical tensions in the Middle East still influencing market sentiment and price direction.

In a previous adjustment, the Department of Energy set a cap on fuel price increases at P1.21 per liter for gasoline and P2.82 per liter for diesel last Tuesday.(MyTVCebu)