After a round of rollback, pump prices are expected to go up big-time next week.
Citing Mean of Platts Singapore (MOPS) and foreign exchange averages in the past five days, an oil industry source said that diesel prices might increase by P4.00 to P4.50 per liter while gasoline prices might go up by P2.50 to P3.00 per liter.
“Diesel strengthened this week as persistent supply constraints continued to outweigh improving availability of replacement barrels,” the source said.
“Renewed hostilities in the Middle East have buoyed global gasoline price benchmarks, despite a loosening of regional balances due to a rise in outflows from India and China,” the source added.
Fuel firms announce official price adjustments every Monday, to be implemented on the following day.