Oil Price Hike Expected Next Week
MOTORISTS may face another increase in fuel prices next week, with oil companies expected to implement a new round of hikes on Tuesday, May 26, following fresh industry estimates.
Based on preliminary projections from an industry source, diesel prices may increase by P1 to P1.30 per liter.
Gasoline prices are also expected to go up by P1.20 to P1.50 per liter.
According to the source, the projected increase in diesel prices is being driven by higher global crude oil prices and ongoing supply disruptions in the market. Asian refiners also continue to face challenges in securing sufficient feedstock procurement.
Meanwhile, gasoline prices are likewise rising as global supply remains tight. Supplies from Asia may also be redirected to other regions due to reduced production in Europe, while demand from the United States is increasing with the start of the peak summer season.
The projections were based on the first four trading days in the Mean of Platts Singapore and movements in foreign exchange.
Oil companies are expected to announce their official price adjustments on Monday.
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