MANILA (November 8) — Fuel prices are expected to go up next week amid lingering global supply issues, according to Jetti Petroleum president Leo Bellas.
Bellas said diesel prices may increase by ₱0.50 to ₱0.70 per liter, while gasoline could either rise or drop slightly by ₱0.10 per liter.
He explained that although crude oil prices have eased due to weaker demand and refinery maintenance, refined fuel prices remain elevated because of tight supply in Asia. Reduced outflows from Northeast Asia and refinery shutdowns have limited diesel availability, while sanctions on Russia continue to support global diesel prices.
Meanwhile, gasoline prices have softened as China boosts exports, though strong regional demand and refinery outages are helping stabilize prices.
Oil firms last Tuesday raised gasoline by ₱1.70 and diesel by ₱2.70 per liter, marking the fifth straight week of increases for gasoline.
