Philstar
Diesel price hike, gas rollback seen next week
Diesel prices are expected to increase by PHP0.40 to PHP0.60 per liter next week, while gasoline prices are anticipated to decrease by PHP0.10 to PHP0.30 per liter.
Jetti Petroleum president Leo Bellas cited data from the Mean of Platts Singapore (MOPS) and foreign exchange performance as the basis for these price adjustments.
Concerns about tightening fuel supplies due to new European Union sanctions on Russia, and potential US sanctions on Russian oil, had previously boosted prices.
Bellas stated that the implications of the new sanctions, if implemented, could be severe given Russia's role as a key global supplier of gasoline and diesel.
However, these concerns have since weakened due to expectations of minimal impact from the new sanctions on overall supplies.
Diesel prices remained supported by tighter regional availability and firm demand, with the outlook delicately balanced between supportive fundamentals and mounting macro uncertainties.
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