Another diesel price hike set on Feb. 24
Local prices of petroleum products are expected to continue their uptrend next week, with diesel seen increasing for nine straight weeks.
Based on initial price indication, Leo Bellas, president of Jetti Petroleum, said on Friday that the per-liter price of diesel may go up anew by 40 centavos to 60 centavos. Gasoline prices may remain unchanged or just rise by 10 centavos a liter.
However, data from the Department of Energy (DOE) showed lower projections for diesel of more or less increase of 5 centavos per liter. Kerosene may also rise by about 10 centavos per liter.
Gasoline prices, meanwhile, may be slashed by more or less 45 centavos a liter, the agency said.
Bellas said the possible higher pump prices next week are still heavily influenced by geopolitical tensions.
Geopolitical concerns
“Concerns over military activities in the region have increased the likelihood of US strikes on Iran and decreased the prospect that the conflict will be resolved through diplomatic means,” he said in an advisory.
Rodela Romero, assistant director at the DOE, also said that the Ukraine-Russia war continues to threaten supply.
“While this week’s gasoline MOPS (Mean of Platts Singapore) prices have actually softened due to healthy regional inventories and supply, rising freight and premium due to geopolitical risks have offset the prospect of a potential price rollback,” Bellas added.
