Fuel prices seen soaring again next week

National

MOTORISTS could face steeper fuel costs next week as fears over Middle East supply risks continue to pressure world oil prices upward.

Industry estimates showed diesel prices could rise by P2 to P2.50 per liter, while gasoline prices may increase by P0.75 to P1.25 per liter starting May 19.

The projected adjustments were based on four days of trading on the Mean of Platts Singapore, the benchmark widely used for pricing refined petroleum products in the Asia-Pacific region.

Pump price movements may still change, however, as one trading day has yet to be factored into the final computation.

“Upside pressure to diesel prices re-emerged due to high crude oil prices following a re-escalation of geopolitical risks in the Middle East,” an industry source said in a Philstar report.

Concerns over supply disruptions intensified after US President Donald Trump said the ceasefire with Iran was on “life support.” He also said the United States was considering resuming naval military escorts through the Strait of Hormuz.

Gasoline prices also gained support this week amid tighter global supply, as fuel inventories declined and refinery output weakened.(MyTVCebu)