Motorists may face another sharp increase in diesel prices next week as escalating tensions in the Middle East continue to raise concerns over global oil supply, according to an industry source.
Based on the first four trading days of Mean of Platts Singapore trading and foreign exchange movements, diesel prices are projected to increase by ₱2.00 to ₱4.00 per liter on July 14.
Gasoline prices, meanwhile, are expected to remain broadly stable, with either a rollback or increase of up to ₱1.00 per liter.
Industry reports showed that demand for middle distillates, including diesel, remains strong while physical supply continues to be tight in the global market.
Market concerns have also intensified over possible disruptions to Russian diesel exports amid increasing Ukrainian drone attacks.
Gasoline prices have remained steadier, supported by ample regional supply and stable demand across Asia.
However, supply conditions could tighten in the coming weeks as fuel consumption rises during the Northern Hemisphere’s peak summer driving season, while refinery maintenance and production cuts limit output.