Diesel prices seen rising anew on July 7

MANILA, Philippines – Motorists could face another diesel price hike next week, while gasoline prices may stay flat or post only slight adjustments, industry estimates showed.

Preliminary forecasts based on the first four trading days of the Mean of Platts Singapore and foreign exchange movements indicated diesel prices could rise by P1 to P3 per liter on July 7, according to an industry source.

READ: Iran warns oil tankers: Use approved Hormuz routes or face force

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Gasoline prices, meanwhile, could either fall by up to P1 per liter or increase by as much as P1 per liter.

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Jetti Petroleum president Leo Bellas said recent attacks on commercial vessels and military strikes involving the United States and Iran highlighted the continued vulnerability of shipping through the Strait of Hormuz, a key global oil transit route.

Crude oil prices have since eased as supply concerns faded and optimism grew over renewed peace talks between Washington and Tehran.

READ: US, Iran agree to pause attacks, meet in Qatar – US media

However, tight market fundamentals continued to support diesel and other middle distillates, keeping upward pressure on pump prices.

Asian gasoline prices, meanwhile, remained supported by firm regional demand and limited Chinese exports, though ample regional supply capped further gains. /pai INQ

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