Fuel price hike seen next week
Pump prices of fuel products may rise slightly in the coming week, with diesel expected to post the bigger increase, according to Jetti Petroleum president Leo Bellas.
In an announcement, Bellas said diesel prices could go up by P0.30 to P0.50 per liter next week.
Meanwhile, gasoline may move flat to a modest increase of up to P0.10 per liter, based on the first four days’ average of Mean of Platts Singapore prices and foreign exchange movements versus last week’s full-week average.
The hike comes after motorists were given slight relief ahead of Christmas, when pump prices were reduced by up to P1.60 per liter, highlighting a sharp contrast with the latest increase.
For next week, Bellas said oil prices have been supported by geopolitical developments, including tougher enforcement of US sanctions on Venezuela and intensified Ukrainian attacks on Russian oil infrastructure.
Together, these factors have heightened the risk of supply disruptions and increased uncertainty in the market.
“Oil prices have been supported by geopolitical developments as the tougher US sanctions enforcement on Venezuela and intensified attacks by Ukraine on Russian oil infrastructures have raised the risk of supply disruption,” he said.
