Motorists may have to brace for another round of fuel price increases next week, with industry estimates pointing to higher pump prices for both gasoline and diesel.
Based on preliminary projections from an industry source, diesel prices may climb by P1 to P1.30 per liter, while gasoline prices may increase by P1.20 to P1.50 per liter on Tuesday, May 26.
The expected diesel price hike is being attributed to higher global crude prices, continuing supply disruptions, and difficulty among Asian refiners in securing enough feedstock.
Gasoline prices are also projected to rise as global supply remains tight. Industry estimates also pointed to possible diversion of Asian fuel supplies to other regions due to lower production in Europe, while demand in the United States is increasing with the start of the summer driving season.
The projected adjustments were based on the first four trading days of the Mean of Platts Singapore benchmark and foreign exchange movements.
Oil companies are expected to announce their final price adjustments on Monday before implementing the new pump prices the following day.