Gas prices drop, slight diesel hike next week
Gasoline prices could fall by as much as P4.20 a liter next week while diesel prices may edge higher by P0.20 to P0.40 for the week of Oct. 19.
The estimates are based on the first four days of last week’s Mean of Platts Singapore and foreign exchange averages.
Jetti Petroleum president Leo Bellas attributed the drop in gasoline prices to easing supply concerns in Asia and improving availability of refineries.
Meanwhile Shell Pilipinas Corp. independent director Edgar Chua questioned whether the Philippines could afford to establish its own strategic reserve.
He suggested seeking emergency supply agreements with friendly countries that already maintain substantial reserves, including Japan and the United States.
“Why don’t you give us security of supply in case of emergencies?” Chua said, describing what the Philippines could seek from its strategic allies.
