MANILA (October 18) – Concerns over global demand and ongoing geopolitical tensions are expected to push down diesel prices while causing a slight increase in gasoline prices in the Philippines.
In a report released Friday, Jetti Petroleum President Leo Bellas projected that diesel prices may decline by PHP0.60 to PHP0.80 per liter, while gasoline prices could rise by up to PHP0.20 per liter.
“Oil prices fell this week due to demand concerns stemming from US-China trade tensions and worries over a looming supply glut in 2026,” Bellas said.
Citing the Mean of Platts Singapore (MOPS), the benchmark for oil pricing in Asia, Bellas explained that diesel prices have softened week-on-week. Although gasoline prices have also decreased, several factors have limited further drops. These include lower regional gasoline inventories in Asia, strong demand from Indonesia, and opportunities to fill supply gaps in the Middle East, Africa, and Europe caused by ongoing refinery maintenance.
“The MOPS assessment on Friday can still influence this week’s average and affect the movement of domestic prices next week,” he noted.
Bellas also warned of further volatility in the coming days. India may potentially halt Russian oil imports, which could increase demand from other sources, tightening global supply. Meanwhile, reduced availability of fuel products and crude oil from Russia, coupled with heightened geopolitical tensions involving Russia, the US, and Ukraine, continues to add uncertainty to global energy markets.
