New price hike for gasoline seen Oct. 6
Motorists may see mixed oil price movements next week, with gasoline prices expected to inch up by P1.50 to P1.80 per liter on Oct. 6, according to an advisory by Jetti Petroleum president Leo Bellas.
Diesel, on the other hand, may dip by 50 centavos to 80 centavos. Bellas’ estimates were based on the first four days of trading at the Mean of Platts Singapore (MOPS) and foreign exchange movements.
MOPS is the basis for the pricing of refined petroleum products in Southeast Asia.
“Lingering supply stability concerns have resulted in oil’s volatile movement this week, with prices pressured as supply from the Middle East rebounded, while stalled US-Iran peace talks and fresh attacks in the Strait of Hormuz caused prices to rise due to disruption worries,” he said.
China’s decision to suspend exports of oil products to markets beyond Hong Kong and Macau likewise fueled “fears of worsening global products shortages,” Bellas said.
