After two consecutive weeks of roll backs, fuel prices are expected to increase by more than P1 next week, based on the previous trading days at Mean of Platts Singapore this week.
The following adjustments on pump prices will take effect Tuesday, May 20:
Gasoline – P1.10-P1.30/L
Diesel – P1.60-P1.80/L
Kerosene – P1.10-P1.30/L
A major reason for the increase was the US-China agreement to remove sky-high tariffs for 90 days, which can increase demand for petroleum products.
Moreover, US sanctions on numerous companies involved in the Iran oil tried plus the trimmed forecast for growth in oil supply in other countries outside the wider OPEC+ group pushed the pump prices to go up.
