Motorists should prepare for another round of pump price increases this week, with diesel and gasoline expected to climb as renewed tensions in the Middle East continue to push global oil prices upward.
An oil industry source, citing Mean of Platts Singapore (MOPS) trading and foreign exchange averages over the past four days, said diesel prices may increase by P2.00 to P2.50 per liter, while gasoline may go up by P0.75 to P1.25 per liter.
The source said diesel is again facing strong upward pressure as crude oil prices remain elevated following the re-escalation of geopolitical risks in the Middle East, a key region for global energy supply.
Gasoline prices are also expected to rise due to tighter supply conditions, following a drawdown in global inventories. The source added that reduced refinery output in Asia has further contributed to the pressure, as some refiners are being forced to process lighter crude grades amid a shortage of Middle East crude feedstock, even though their facilities are not optimized for such inputs.
Fuel companies usually announce price adjustments every Monday, with the new rates taking effect the following day.
The expected hike follows the mixed adjustments implemented on May 12, when oil firms raised gasoline prices by P0.40 to P0.47 per liter, while cutting diesel prices by P9.53 to P9.60 per liter. Kerosene prices were also rolled back by P13.30 per liter.
The latest movement marked the 19th fuel price adjustment this year. So far, year-to-date net increases stand at P46.91 per liter for gasoline, P42.02 per liter for diesel, and P41.16 per liter for kerosene.