Manila: A price slash of PHP0.10 to PHP0.30 per liter is forecast for diesel prices next week, but gasoline prices are projected to rise by up to PHP0.10.

According to Philippines News Agency, Jetti Petroleum president Leo Bellas stated that product markets have mirrored the softening trend in crude oil prices. This development comes as prospects for a Russia-Ukraine peace deal have eased concerns over tight supplies. Bellas noted that Asian price benchmarks have softened due to rising supply expectations, potential heavier outflows from China, and refineries returning from turnaround.

This week, there has been no movement in diesel prices, but gasoline prices were previously hiked by PHP1.20 per liter. A Department of Energy (DOE) official had earlier indicated that fuel prices are projected to decline in the coming weeks due to an expected oversupply in the first quarter of 2026. DOE Oil Industry Management Bureau Director Rino Abad, in a recent Bagong Pilipinas Ngayon interview, cited fuel oversupply forecasts from the International Energy Agency and the US Energy Information Administration.

Abad also noted lesser jumps in oil prices and the price reduction observed in the past two weeks. This raises the possibility that the trend might continue in the coming weeks, aligned with the oversupply forecasts.