MANILA (August 23) – Pump prices are projected to increase next week due to global geopolitical developments, reversing this week’s PHP0.80 per liter rollback in diesel.
Jetti Petroleum president Leo Bellas said diesel may go up by PHP0.20 to PHP0.40 per liter, while gasoline could rise by PHP0.40 to PHP0.60 per liter.
He explained that oil prices in the Asian benchmark, Means of Platts Singapore (MOPS), were initially lower on hopes that a Ukraine peace deal would ease sanctions on Russia. However, renewed uncertainty and tighter Western sanctions have since pushed prices higher.
Bellas also cited elevated freight and premium costs, along with strong demand following a drop in US crude and gasoline inventories during the peak summer travel season.
