Diesel price increase of up to P4/liter expected next week

MANILA, Philippines —Another diesel price hike may hit motorists next week as the escalating Middle East conflict fuels concerns over global supply, an industry source said.

Prices of diesel 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

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

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

READ: Ceasefire over? Oil prices rose anew, stock markets drop

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

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

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

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

Your subscription could not be saved. Please try again.

Your subscription has been successful.

Read Next

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of Cebudailynews. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.