Gasoline up, diesel down? What motorists may see next week

National

THE pump-price picture could split next week, with gasoline headed higher and diesel potentially moving lower.

Jetti Petroleum president Leo Bellas estimated that gasoline prices could increase by P1.50 to P1.80 per liter, while diesel prices may drop by 50 centavos to 80 centavos per liter.

The projections were based on the first four days of trading at the Mean of Platts Singapore (MOPS) and movements in the foreign exchange market. MOPS serves as the benchmark for pricing refined petroleum products in Southeast Asia.

Bellas said oil prices remained volatile amid concerns over supply stability. He noted that increased supplies from the Middle East had put downward pressure on prices, while stalled US-Iran peace talks and fresh attacks in the Strait of Hormuz raised concerns over possible supply disruptions, pushing prices higher.

“Lingering supply stability concerns have resulted in oil’s volatile movement this week, with prices pressured as supply from the Middle East rebounded, while stalled US-Iran peace talks and fresh attacks in the Strait of Hormuz caused prices to rise due to disruption worries,” he said in a Philstar report.

The projected movements are still subject to changes in global oil prices and foreign exchange rates before oil companies announce their official price adjustments for the coming week.(MyTVCebu)