MANILA(November 22) – Fuel prices are expected to go up next week, with diesel possibly increasing by ₱0.80 to ₱1 per liter and gasoline by up to ₱0.10, according to industry projections.
Jetti Petroleum president Leo Bellas said middle distillate prices remain elevated due to tight supply caused by refinery maintenance, unplanned outages in Northeast Asia, limited exports from China, and ongoing Russian supply disruptions.
While diesel is facing upward pressure, gasoline prices in Asia have eased as regional demand slows and U.S. gasoline inventories rise, signaling weaker consumption.
Bellas added that upcoming U.S. sanctions on Russian oil firms Lukoil and Rosneft, along with renewed U.S. efforts to end the war in Ukraine, could further affect market movement.
If the projected increases push through, diesel will see its fifth straight week of hikes, and gasoline its eighth. Both fuel types rose by ₱1.20 per liter this week.
