Petroleum prices set to rise next week; diesel up P1.30-P1.50, gasoline up P0.60-P0.80
Retail prices of petroleum products are expected to rise next week following two consecutive rounds of rollbacks.
Jetti Petroleum forecasts that diesel prices may increase by P1.30 to P1.50 per liter and gasoline prices by P0.60 to P0.80 per liter, based on the four-day Mean of Platts Singapore trading.
The anticipated price hikes are attributed to increased demand for crude oil and refined fuel products, which outweighed the impact of additional supply from OPEC+'s decision to unwind production cuts in August.
Other factors supporting higher prices include reduced US oil production, ongoing Houthi attacks on shipping in the Red Sea, and concerns over global economic growth due to potential adverse impacts of US tariffs.
Fuel companies typically announce final price adjustments every Monday for implementation the following day; this week's rollbacks were the second consecutive week of reductions since a significant fuel price hike in late June.
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