P4/liter price hike for diesel; rollback for gas
MANILA, Philippines — Motorists should brace for higher diesel prices next week amid prolonged supply disruptions as the peace deal between the United States and Iran remains out of reach.
An industry source estimated that diesel prices could rise by P4 to P4.50 per liter on June 9, based on movements in the Mean of Platts Singapore during the shortened trading week.
Gasoline prices, meanwhile, may decline by P1 to P1.50 per liter.
The projections were based on the regional benchmark’s three-day average, as June 1 was a public holiday in Singapore. With one trading session left, price adjustments remain subject to change.
Crude oil and refined fuel prices have rallied this week as uncertainty over the peace deal continues to hamper diplomatic progress and stoke fears of further supply disruptions.
“Concerns that global oil inventories could hit critical levels if stock draws continue at the current pace further contributed to the bullish sentiment,” the source said.
In the Philippines, recent rollbacks, including this week’s P4.76 per liter cut in gasoline and P9.26 per liter in diesel, have brought domestic pump prices closer to pre-war levels.
Diesel in Metro Manila is currently priced at P67.14 to P85.32 per liter, while gasoline ranges from P67.64 to P104.74 per liter, based on the latest available industry data.
The Department of Energy warns of tightness in oil supply if a peace deal between the United States and Iran is not reached before the end of July.
This warning was relayed by S&P Global to DOE officials during a meeting on Tuesday, according to Oil Industry Management Bureau chief Rino Abad.
“Reserves have been used for March, April and May. For June, there’s going to be tightness already,” Abad told radio dzBB yesterday.
“The projection is that if peace negotiations are done in the next two months and [traffic] is resumed in August, trapped ships will be immediately freed and supply will be normalized,” Abad said.
S&P Global, according to Abad, said supplies from freed-up tankers would serve as a buffer for the world while oil producers fix production facilities damaged by the war.
International Energy Agency (IEA) director Fatih Birol said on May 21 that the Strait of Hormuz should be reopened unconditionally to prevent oil markets from entering a “red zone” in July or August, in which global stocks are further depleted amid an expected demand pickup due to the summer travel season. — EJ Macababbad, Helen Flores
abtestabtest Article II starts: Unexplained wealth charge, P6.77-B record at Duterte trial 1 day ago Bank records, SALNs and tax documents take center stage Monday. Headlines Ex-justice: VP may be removed for hiding assets By Marc Jayson Cayabyab | 10 hours ago Impeachable officials like Vice President Sara Duterte may be removed from office for “intentional concealment”... Headlines Senate OKs 5-year barangay, SK term bill By Marc Jayson Cayabyab | 10 hours ago The Senate yesterday passed on third and final reading a bill seeking to fix the terms of barangay and Sangguniang Kabataan... Headlines Marcos on Sara tirades: You can’t force anyone to love you By Alexis Romero | 10 hours ago Not even the most powerful man in the land can demand affection. Headlines Defense questions ex-Sandigan presiding justice as witness By Bella Cariaso | 10 hours ago The defense panel has questioned the decision of the prosecution to present retired Sandiganbayan presiding justice Amparo... Headlines Latest More in Headlines LIVE Coverage: Sara Duterte's impeachment trial, Sept. 15 US eyes Taiwan role in Luzon corridor's chip, AI push Romualdez moved to Payatas jail, arraignment set Sept. 16 BARMM holds first parliamentary polls in shadow of violence abtest BOC, PDEA uncover 15 boxes of illegal drugs from Canada By Rudy Santos | 10 hours ago The Bureau of Customs and the Philippine Drug Enforcement Agency intercepted yesterday over P199.7 million worth... Headlines Sandigan orders Quezon City jail transfer for Romualdez By Daphne Galvez | 10 hours ago With assurance by doctors that there was “no imperative need” for continued hospital confinement for former speaker... Headlines FLP to honor law scholars, MBA fellows, dissertation writing winners 10 hours ago The Foundation for Liberty & Prosperity will celebrate the newest recipients of its academic awards on Sept. 16 at... Headlines BIR scraps VAT on system loss charge By Aubrey Rose Inosante | 10 hours ago The Bureau of Internal Revenue has formally removed the value-added tax on the allowable system loss charge in electricity... Headlines 2 areas in BARMM placed under Comelec control By Rhodina Villanueva | 10 hours ago Two areas in the Bangsamoro Autonomous Region in Muslim Mindanao were placed under the control of the Commission on Elections following... Headlines Recommended Pangulong Marcos masaya na acquitted ang inang si Imelda 10 hours ago Masaya si Pangulong Bongbong Marcos sa naging desisyon ng Supreme Court (SC) na baligtarin ang hatol sa kasong graft laban... HeadlinesSUPREME COURT 91 araw sa abroad ni VP Sara kakalkalin sa ‘unexplained wealth’ 10 hours ago Posibleng mapasama na sa imbestigasyon ng prosekusyon ang 91 araw na paglalakbay ni Vice President Sara Duterte sa ibang bansa... HeadlinesTRENDING 5 taong termino ng barangay Sangguniang Kabataan lusot na sa Senado 10 hours ago Lusot na sa ikatlo at huling pagbasa ng Senado ang panukalang nagtatakda sa limang taon na termino ng mga opisyal ng barangay... HeadlinesELECTION MTRCB, naghahanda nang i-regulate ang streaming at video on-demand! 10 hours ago Isinabmit ng Senate Committee on Finance para sa konsiderasyon ng Senate plenary ang panukalang badyet ng Movie and Television... HeadlinesTRENDING PANOORIN: Unexplained wealth ni VP Sara, tinalakay sa Day 1 ng Article II 16 hours ago Balikan ang mga pangunahing pangyayari sa Day 1 ng Article II, kung saan sentro ang alegasyon ng unexplained wealth laban... HeadlinesINDAY SARA DUTERTESARA DUTERTE'S IMPEACHMENTSENATE next Recommended Pangulong Marcos masaya na acquitted ang inang si Imelda Masaya si Pangulong Bongbong Marcos sa naging desisyon ng Supreme Court (SC) na baligtarin ang hatol sa kasong graft laban sa kanyang inang si dating First Lady Imelda Marcos. 10 hours ago SUPREME COURT 91 araw sa abroad ni VP Sara kakalkalin sa ‘unexplained wealth’ Posibleng mapasama na sa imbestigasyon ng prosekusyon ang 91 araw na paglalakbay ni Vice President Sara Duterte sa ibang bansa sa nakalipas na dalawang taon. 10 hours ago TRENDING 5 taong termino ng barangay Sangguniang Kabataan lusot na sa Senado Lusot na sa ikatlo at huling pagbasa ng Senado ang panukalang nagtatakda sa limang taon na termino ng mga opisyal ng barangay at Sangguniang Kabataan (SK). Bumoto pabor ang 13 senador sa Senate Bill No. 2387, habang lima ang kumontra at walang nag-abstain o hindi bumoto. 10 hours ago ELECTION MTRCB, naghahanda nang i-regulate ang streaming at video on-demand! Isinabmit ng Senate Committee on Finance para sa konsiderasyon ng Senate plenary ang panukalang badyet ng Movie and Television Review and Classification Board (MTRCB). 10 hours ago TRENDING PANOORIN: Unexplained wealth ni VP Sara, tinalakay sa Day 1 ng Article II Balikan ang mga pangunahing pangyayari sa Day 1 ng Article II, kung saan sentro ang alegasyon ng unexplained wealth laban kay VP Sara Duterte. 16 hours ago INDAY SARA DUTERTE SARA DUTERTE'S IMPEACHMENT SENATE OK Are you sure you want to log out? Yes No X Login Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!
