Gasoline prices might go up for 5th straight week
Geopolitical conflicts continue to drive up global oil prices, with local fuel retailers seen raising pump prices again next week.
In an advisory, Jetti Petroleum president Leo Bellas said diesel prices might increase by 30 centavos to 50 centavos per liter.
Meanwhile, gasoline prices might either increase or decrease by 10 centavos a liter.
At the Department of Energy (DOE), initial estimates suggest an increase of more or less 20 centavos for gasoline and 50 centavos for diesel.
Kerosene prices, meanwhile, might not change.
If the upward movements in pump prices were implemented, next week will mark the fifth consecutive weekly increases for gas and fourth for diesel.
Both Bellas and the DOE cited the rising geopolitical tensions as one of the key factors influencing the potential hike.
“Mounting geopolitical tensions after Israel attacked the Hamas leadership in Qatar and Poland’s downing of Russian drones over its airspace have caused oil prices to rise but gave up most of the gains as there was no immediate threat of oil supply disruption,” Bellas said.
‘Uptrend’
According to Bellas, prices were also on “an uptrend” as the market feared new sanctions against Russia. Russia is a major oil producer and exporter and sanctions could impact global supply.
Another development affecting price movements was the decision of the Opec+ to boost production, albeit lower than anticipated. Opec+ refers to the Organization of the Petroleum Exporting Countries and allied producers, including Russia.
Meanwhile, the market may see easing gasoline prices soon “as summer driving season comes to a close…” Bellas said.
Last Tuesday, oil firms raised price tags on petroleum products by , ranging 70 centavos to P1.40 a liter.
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