Road users may face another round of fuel price increases next week, with diesel expected to post a sharp hike due to ongoing concerns over global oil supplies linked to the unresolved conflict involving the United States and Iran.
Industry estimates showed diesel prices could increase by ₱4 to ₱4.50 per liter on June 9, while gasoline prices may fall by ₱1 to ₱1.50 per liter.
The projected adjustments were based on the three-day average movement of the Mean of Platts Singapore, the benchmark used by oil companies in setting local fuel prices. Trading data covered only three days because June 1 was a public holiday in Singapore.
Based on national reports, crude oil and refined fuel prices have continued to climb this week as diplomatic efforts to secure a peace agreement remain stalled, raising concerns over potential supply disruptions.
The expected diesel increase comes after a series of fuel price rollbacks that had brought local pump prices closer to levels seen before the outbreak of hostilities in the Middle East.
This week, oil firms reduced gasoline prices by ₱4.76 per liter and diesel prices by ₱9.26 per liter.
Latest industry data showed diesel prices in Metro Manila ranging from ₱67.14 to ₱85.32 per liter, while gasoline prices ranged from ₱67.64 to ₱104.74 per liter.
The Department of Energy (DOE) has also warned that global oil supplies could tighten further if a peace agreement is not reached before the end of July.
