Motorists should brace for a hefty pump price hike next week, reversing last week’s rollback as renewed Middle East tensions disrupt global oil markets.
Based on the latest Mean of Platts Singapore (MOPS) trading, diesel prices are projected to rise by P3.75 to P4.25 per liter, while gasoline could go up by P2.50 to P3.00 per liter, according to an industry source.
Industry sources said the uptick is driven by fading hopes for a Middle East peace deal due to complex compensation demands following the five-month conflict.
Shrinking global oil inventories, constrained supply flows from the Middle East Gulf and Black Sea and stalled diplomatic efforts to normalize shipping through the Strait of Hormuz have further fueled market concerns.