Manila: Demand concerns and impact of geopolitical issues overseas are seen to result in a decline in the price of diesel and a slight uptick for gasoline.

According to Philippines News Agency, Jetti Petroleum President Leo Bellas forecast a reduction in diesel prices between PHP0.60 to PHP0.80 per liter. Meanwhile, gasoline prices are projected to increase by up to PHP0.20 per liter.

Bellas highlighted that oil prices declined this week due to demand concerns stemming from US-China trade tensions and potential supply glut fears in 2026. He cited price developments based on the benchmark for oil in Asia, the Mean of Platts Singapore (MOPS), indicating that diesel prices have softened week-on-week.

Despite the drop in gasoline prices, he noted that a decrease in regional gasoline inventories in Asia, along with strong demand from Indonesia and opportunities to fill supply gaps in the Middle East, Africa, and Europe due to refinery maintenances, has stabilized price benchmarks. The MOPS assessment on Friday could still influence this week's average and affect domestic price movements next week.

Further volatility is anticipated due to the possibility that India might halt Russian oil imports, potentially increasing demand for supplies from alternative sources. Additionally, there is a decreasing availability of fuel products and crude oil from Russia. Bellas also mentioned that geopolitical tensions between Russia, the US, and Ukraine are contributing to the ongoing uncertainty over global energy supplies.