Oil prices are expected to increase next week, with diesel seeing the largest adjustment, according to the Department of Energy-Oil Industry Management Bureau. Assistant director Rodela Romero projected an increase of P0.85 to P1.15 per liter for gasoline, P1.55 to P1.85 for diesel, and P1 to P1.10 for kerosene. These estimates are based on the four-day trading of Mean of Platts Singapore.
Romero cited ongoing geopolitical tensions and supply risks as factors contributing to the rise in oil prices. Recent events such as a Ukrainian drone strike causing a fire at a major Russian oil terminal and Israel’s conflict with Lebanon’s Hezbollah have added to the tension. Additionally, OPEC’s positive outlook on global oil demand for this year and the next, along with the peak summer driving season in the Northern Hemisphere, are supporting oil prices.
The final price adjustments for next week will be announced on Monday, June 24, and will take effect the following day. Last Tuesday, oil companies implemented price increases of P0.85, P1.75, and P1.90 per liter for gasoline, diesel, and kerosene, respectively. This brought the year-to-date upward adjustment of gasoline, diesel, and kerosene to P6.90, P6, and P0.35 per liter, respectively.
