Oil prices set to rise next week; diesel up PHP0.80-PHP1, gasoline PHP1.50-PHP1.70
Oil prices are expected to rise again next week due to global market developments such as the US-EU trade agreement and supply-related factors.
Jetti Petroleum, Inc. president Leo Bellas said diesel prices could increase by PHP0.80 to PHP1 per liter, while gasoline prices might go up by PHP1.50 to PHP1.70 per liter based on the Mean of Platts Singapore (MOPS) and foreign exchange rates.
Bellas attributed the positive market response to the US-EU trade deal and concerns over US sanctions on Russia, which have supported oil prices this week.
He also noted that diesel prices are rising as supply tightens, with a significant decline in US gasoline stocks indicating strong summer demand.
The depreciation of the Philippine peso to the 58-level against the US dollar is another factor contributing to higher oil prices, exacerbated by the implementation of reciprocal tariffs on Philippine exports to the US.
US protectionist policies have been influencing global markets for months, affecting price movements, supplies, and inflation.
Uncertainty surrounding ongoing trade negotiations and delays in interest rate cuts by the US Federal Reserve continue to impact crude prices.
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