THE Philippines is bracing for another significant wave of fuel price increases next week, as the ongoing conflict in the Middle East continues to disrupt global oil supply and drive up costs.
Projections based on recent Mean of Platts Singapore (MOPS) trading data indicate a substantial hike in retail diesel prices, with an anticipated increase of P17 to P19 per liter. This surge could push the price of regular diesel to as high as P165 per liter and premium diesel beyond P170 per liter, marking a new record high for the commodity.
The situation for gasoline prices, while not as dramatic as diesel, is also expected to see an upward adjustment. Industry sources project an increase of P3 to P5 per liter for gasoline.
This would bring the prices of super premium, premium, and regular gasoline varieties to approximately P120, P117, and P110 per liter, respectively. An industry source explained that the continued tightening of diesel supply, coupled with persistently high demand, is driving the prices of middle distillates significantly higher compared to gasoline.
Renewed fears of prolonged supply disruptions have propelled oil prices to unprecedented levels. According to an industry source, any serious diplomatic talks with Iran could potentially de-escalate tensions and offer some relief.
However, until the Strait of Hormuz, a critical chokepoint for oil transport, is reopened, supply is expected to remain constrained, thereby supporting high prices. This precarious global situation directly impacts the Philippine market, where consumers have already experienced a series of price adjustments this year.
The Department of Energy’s monitoring reveals that fuel retailers implemented significant price adjustments for the week of March 31 to April 6, with diesel increasing by P14 per liter, gasoline by P2.90 per liter, and kerosene by P2.50 per liter.
These latest movements, marking the 13th price adjustment of the year, have resulted in substantial cumulative net increases: P48.20 per liter for gasoline, P90.05 per liter for diesel, and P78.10 per liter for kerosene. The projected increases for the upcoming week signal a continuation of this challenging trend for Filipino consumers and businesses.
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