Oil prices will likely increase by as much as P1.30 per liter next week as geopolitical issues linger.
Citing price movements as of Thursday, Dec. 4, Jetti Petroleum president Leo Bellas said gasoline prices may jump between P1.10-P1.30 per liter and diesel between P0.10-P0.30.per liter.
“Geopolitical risks and tensions have kept the level of premium and freight elevated, causing the price of diesel to remain elevated despite a drop on the week-on-week Mean of Platts Singapore (MOPS) diesel price averages,” Bellas said.
He also explained that “the middle distillate market softened as prospects for a Russia-Ukraine peace deal eased supply concerns, and expectations of rising supplies from possible higher exports from China also weighed on the supply situation.”
Meanwhile, he noted that gasoline prices in Asia remain “supported on tight supply and robust regional demand.”
“Gasoline exports from regional refiners have remained low, dragged down by lower volumes out of China and South Korea,” he added.
This week, gasoline prices increased by P0.20 per liter, but diesel prices were rolled back by P2.90 per liter.PNA
