Mixed pump adjustments seen Oct. 13
Diesel products are on track for three consecutive weeks of rollbacks, while gasoline prices are expected to increase anew on Oct. 13.
In an advisory on Friday, Jetti Petroleum president Leo Bellas said diesel prices may decrease by P1.80 to P2 per liter, while gasoline may rise by P2 to P2.20 per liter. The mixed price adjustments are still attributed to fears of further supply disruptions.
“While oil is relatively weaker this week due to reserve releases and recovering Middle Eastern flows, persistent security threats amid tanker attacks and further escalation in the region have heightened supply concerns,” Bellas said.
“Furthermore, the shutting down of oil and gas production in the Gulf of Mexico due to an approaching hurricane also pushed prices, as the potential curtailment of US refining capacity could exacerbate energy flows and supply.”
Adding to the concerns is China’s fuel export suspension, he said. But the restrictions may be lifted soon, according to recent reports.
Bellas’ estimates were based on the first four days of trading at the Mean of Platts Singapore and foreign exchange movements.
