Diesel hike of up to P4/liter seen next week

MANILA, Philippines – Motorists may face another diesel price hike next week as the escalating Middle East conflict fuels concerns over global supply, an industry source said.

Diesel prices could increase by P2.00 to P4.00 per liter on July 14, based on the first four trading days’ Mean of Platts Singapore and foreign exchange averages.

READ: US, Iran trade new strikes in fight over Strait of Hormuz

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Gasoline prices, meanwhile, will likely stay largely unchanged, with either a P1-per-liter rollback or hike.

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The projected diesel hike comes as demand for middle distillates remains firm while physical supplies stay tight.

Fears that intensified Ukrainian drone attacks could disrupt Russian diesel exports have also supported the market.

READ: Ukraine attacks St Petersburg, says Russian seizure of key town a ‘lie’

Gasoline prices have been relatively stable due to ample regional supply and steady demand in Asia.

However, the market could tighten as the Northern Hemisphere’s peak summer driving season boosts consumption, while refinery maintenance and production cuts constrain supply. /pai INQ

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