Diesel prices seen to rise next week; Gasoline may get slight rollback

DAVAO CITY (July 25) — Diesel prices are expected to increase again next week, while gasoline may see a slight price rollback, according to Jetti Petroleum President Leo Bellas.

In a media briefing Friday, Bellas said diesel prices could go up by ₱0.40 to ₱0.60 per liter, while gasoline prices may drop by ₱0.10 to ₱0.30 per liter, based on this week’s Mean of Platts Singapore (MOPS) data and foreign exchange market performance.

He attributed the projected diesel hike to tight regional supply and steady demand, even as global oil prices were earlier boosted by concerns over supply disruptions due to fresh European Union sanctions on Russia and potential new U.S. sanctions on Russian oil.

“These factors initially supported global oil prices,” Bellas explained. “However, expectations that these new sanctions will have minimal impact on supply have since weakened that rally.”

He noted that positive sentiment returned to the market after a trade agreement between the U.S. and Japan, sparking hope for improved global trade dynamics.

“Signs of rising demand, particularly after a steep drop in U.S. crude oil and gasoline inventories, also helped support prices,” he added.

However, the projected rollback in gasoline prices reflects softening demand and higher inventories in key trading hubs.

“Gasoline is under pressure as stockpiles build up and demand slows in certain markets,” Bellas said.

Still, he warned that the geopolitical situation remains fragile, with Russia continuing to be a key global supplier of both diesel and gasoline.

“If the new sanctions are fully implemented, the global implications—especially for diesel—could be severe,” he added.

Fuel price adjustments are typically announced every Monday and take effect on Tuesday, based on the previous week’s global trading data.