Mixed adjustments for diesel, gasoline prices seen next week

National

FOR the seventh straight week, diesel users may have to dig deeper into their pockets, with fuel costs expected to rise again starting Tuesday, Oct. 7.

Industry estimates show possible upward adjustments ranging from 50 centavos to P1 per liter.

Jetti Petroleum president Leo Bellas projected an increase of 80 centavos to P1 per liter, while the Department of Energy (DOE) forecasted a more modest 50-centavo hike.

The expected adjustment would build on the P5.10 per liter added to diesel prices over the past six consecutive weeks.

Gasoline prices, meanwhile, may see only minimal movement. The DOE anticipates a rollback of around five centavos per liter, while Bellas noted there could either be a 10-centavo increase or decrease. Kerosene is also projected to go up by 25 centavos per liter.

Bellas explained that crude oil prices had recently declined on concerns of oversupply as OPEC+ considered boosting production.

He added, however, that Asian diesel fundamentals remained firm due to shifting regional flows toward the West, rising demand in the US and Europe, seasonal refinery maintenance, the peak harvest season, and Russia’s partial diesel export ban.

“Despite the bearish sentiment, Asian diesel market fundamentals remain supported,” Bellas said in an Inquirer report.(MyTVCebu)