Oil firms predict a possible price increase of up to P0.60 per liter next week, reflecting global market trends.
Jetti Petroleum president Leo Bellas noted that based on the first four days of this week’s Mean of Platts Singapore (MOPS), and foreign exchange averages, diesel prices could rise by P0.20 to P0.40 per liter, and gasoline by P0.40 to P0.60 per liter.
Bellas said the MOPS has been tracking crude oil prices, which were initially lower at the start of the week due to prospects of a peace deal in Ukraine that could ease sanctions on Russia and restore Russian oil to the global market.
He added that uncertainty about the peace talks has since raised prices because of concerns that tighter Western sanctions on Russia and additional U.S. sanctions could disrupt supply flows.
“Furthermore, freight and premium levels have remained elevated due to lingering geopolitical risks and concerns,” Bellas said.
Bellas also mentioned that demand optimism has boosted sentiment following a significant drop in U.S. crude inventories and gasoline stocks, indicating strong demand during the summer travel season.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said kerosene is also likely to increase by P0.10 per liter.
“These estimated adjustments are attributed to the decline in the U.S. oil stock for the week ending Aug. 15, pointing to stronger refinery demand; and the continuing Iran-Israel conflict,” Romero said.
“Final adjustment will be determined after today’s trading,” she said.
On Aug. 19, 2025, oil firms implemented a mixed price change: gasoline increased by P0.60 per liter, while diesel and kerosene prices rolled back by P0.80 to P0.90 per liter.
