Jetti Petroleum Inc. has announced that fuel prices will experience mixed adjustments this week, with gasoline prices expected to drop by P0.10 up to P0.30 per liter, while diesel prices may rise by P0.60 up to P0.80 per liter. These changes are based on last week’s crude oil trading trends.
Jetti’s president, Leo Bellas, attributed the price movements to several factors, including the anticipated increase in output from OPEC+ and its allies, and the continued weakness of the Philippine peso against the US dollar. Despite a bearish outlook on crude prices, the Asian diesel market remains tight due to rising demand from the US and Europe, compounded by ongoing refinery maintenance and a partial diesel export ban from Russia.
Additionally, the weaker peso and potential disruptions in Russian crude exports may further influence local fuel prices, Bellas said.
Meanwhile, the Department of Energy’s Rodela Romero noted that kerosene prices could rise by around P0.25 per liter based on last week’s four-day trading data. This projection could change once the full week’s trading is taken into account.
Romero also highlighted concerns over a global supply glut, as OPEC+ plans to increase crude production, while new sanctions on Iran could further disrupt global oil supply.
Last week, fuel companies adjusted prices with a P0.90 per liter increase for diesel and kerosene, and a P0.20 decrease for gasoline.
Year-to-date, gasoline prices have risen by P14.70 per liter, diesel by P17.05, and kerosene by P5.45.
As of October 6, prices in Metro Manila averaged P53.80 per liter for RON 91 gasoline, P57.80 for diesel, and P77.11 for kerosene.
