MANILA, Philippines — Pump prices of petroleum products are expected to increase by as much as P5 per liter next week amid concerns over possible supply disruptions in the Middle East.
Industry estimates show diesel prices may rise by P4.50 to P5 per liter, while gasoline could increase by P4 to P4.50 per liter, based on movements in the Mean of Platts Singapore and foreign exchange rates.
Leo Bellas of Jetti Petroleum said the spike is driven by renewed tensions between the United States and Iran, particularly around the Strait of Hormuz, a key global oil shipping route.
He added that tight global diesel supply and low gasoline inventories continue to push prices higher, especially in Asian markets.
Final price adjustments are expected to be announced on Monday, subject to last trading day results. Last week, fuel firms cut gasoline prices by about P0.30 per liter, while diesel and kerosene prices dropped by nearly P4 per liter.
