Motorists are advised to brace for another round of significant fuel price hikes, with diesel prices projected to climb close to P150 per liter next week amid ongoing global oil market volatility linked to tensions in the Middle East.
Based on recent trading data from the Mean of Platts Singapore (MOPS), an oil industry source estimated that diesel prices may increase by P11 to P12 per liter. This could push pump prices to a range of approximately P118 to P146.3 per liter.
For the current week (March 24 to 30), diesel prices were estimated at P107 to P134.30 per liter following a sharp increase of P15 to P18. Premium diesel may also see a corresponding rise, with projected prices reaching between P125 and P156 per liter from the current range of P115 to P144.
Gasoline prices, meanwhile, are expected to remain steady or increase by up to P3 per liter, potentially reaching as high as P115.4 per liter.
“The relatively lower increase on diesel and easing of gasoline prices, although still remaining at elevated levels, are driven by de-escalation signals in the Middle East conflict, resulting to a drop in crude oil price benchmarks,” the industry source said.
“Gasoline prices, which closely track crude and regional supply risks, softened as fears of prolonged supply outages are somewhat reduced. While gasoline has shown relative easing, diesel often moves differently and more sharply due to distillate supply tightness,” the source added.
Earlier, President Ferdinand Marcos Jr. assured that the country has sufficient crude oil supply in the near term.
“Mayroon na tayong supply of crude oil, sufficient supply, hanggang June 30… tuloy pa rin ang paghahanap natin ng supply,” Marcos said on the sidelines of the NAIA Expressway Phase II opening.
The president also declared a state of national energy emergency on March 24 as oil prices continue to surge.
