MANILA, Philippines — Gasoline and diesel prices are expected to go down next week due to the latest oil-related global developments, local oil industry sources said on Friday.
They said that gasoline prices would go down between P0.40 and P0.60 per liter, and diesel between P1.30 and P1.50 per liter.
These estimates are based on the 4-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia.
The continuous rise in production from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, unsure US tariff policies, and expectations for a diplomatic end to the war in Ukraine were cited as reasons behind the decrease.
"All fuel prices are expected to go down next week, based on the 4-day trading of Mean of Platts, Singapore. Reasons for this are the OPEC+ deciding to increase supply production to 547,000 barrels per day in September; The uncertainty surrounding US tariff policy; And also because of the confusion over potential US tariffs on buyers of Russian oil," Department of Energy-Oil Industry Management Bureau Director Rodela Romero said.
"Furthermore, putting pressure on Asian diesel and gasoline price markers is the increasing supply from China as Chinese refiners ramp up production," Jetti Petroleum president Leo Bellas said.
"Losses however, were limited by the larger-than-expected draw in US crude oil stockpiles, signaling healthy demand in the world’s biggest economy, higher Saudi prices for Asia, and solid Chinese crude imports in July," he added.
This week, local oil companies implemented increases in fuel prices as gasoline prices went up by P1.90 per liter, and diesel prices by P1.20 per liter.