Manila: Prices of diesel are projected to decline next week, but gasoline prices are forecast to rise anew given the supply situation to date, an oil firm executive said Friday. Citing price movements as of Thursday, Jetti Petroleum president Leo Bellas, in a report, said prices of diesel are seen to go down by around PHP0.10 per liter while gasoline prices will likely rise between PHP0.40 and PHP0.60 per liter.
According to Philippines News Agency, Bellas attributed the projected rollback in diesel prices to lower-than-expected output hikes by oil-producing countries by November, which mirrors the broader crude markets' movement. For gasoline, he indicated that prices remain supported due to an uptick in domestic demand from China and India, alongside healthy spot demand from Indonesia.
Bellas elaborated, "While the first four days average of MOPS (Means of Platts Singapore) prices this week have declined versus last week's average, the same premiums have been factored in, which resulted in the lower rollback estimate on diesel and the upward movement on gasoline."
He further noted that premiums are projected to ease down after Israel and Hamas have agreed to a ceasefire, which is expected to lead to a decrease in crude oil and MOPS prices due to this development.
