Diesel prices up, gasoline down next week

Diesel prices are expected to rise by PHP0.40 to PHP0.60 per liter next week, while gasoline prices may decrease by PHP0.10 to PHP0.30 per liter.

Jetti Petroleum president Leo Bellas attributed the projected changes in fuel prices to data from this week's Mean of Platts Singapore (MOPS) and foreign exchange performance.

Earlier concerns about tightening diesel supplies due to new European Union sanctions on Russia and potential US sanctions were alleviated by improved trade sentiments, particularly a deal between the US and Japan.

Bellas noted that despite these positive developments, the outlook for fuel prices remains delicate, balancing supportive fundamentals with macroeconomic uncertainties.

The president also highlighted that gasoline prices may weaken due to inventory builds at key trading hubs and signs of reduced demand.

Amid rising diesel prices, Bellas emphasized that regional availability and strong demand continue to support higher costs.

With Russia being a significant global supplier of both diesel and gasoline, the potential impact of new sanctions remains a concern for fuel markets.