Gasoline may rise PHP0.50-PHP0.60, diesel-kerosene fall PHP0.70-PHP1 next week

Gasoline prices may rise by PHP0.50 to PHP0.60 per liter next week while diesel and kerosene could fall by PHP0.70 to PHP1.00 per liter, according to the Department of Energy.

The anticipated changes stem from increased production by OPEC+ and a forecasted 1.38-million-barrel-per-day growth in global demand for 2026.

Diesel prices are decreasing due to reduced demand, whereas gasoline is rising because of higher seasonal summer demand.

Talks between the United States and Russia over potential peace negotiations in Ukraine could impact oil supplies from Russia, a significant global producer, possibly raising prices if no ceasefire is agreed upon.

Fuel prices declined this week following adjustments last week, with oil firms reducing gasoline by PHP0.40 per liter, diesel by PHP1.50, and kerosene by PHP1.30 as crude prices in the market declined.