MANILA — Another major fuel price increase is likely next week as fresh developments in the conflict involving the United States and Iran continue to drive up world oil prices.
According to Jetti Petroleum president Leo Bellas, renewed fighting in the Middle East has intensified worries over oil supply, particularly after a noticeable decline in vessel movements through the Strait of Hormuz.
The strategic waterway is considered one of the world’s most important routes for transporting crude oil and other energy products.
Using the first three days of Mean of Platts Singapore (MOPS) trading and prevailing foreign exchange rates as basis, Bellas estimated that diesel prices may rise by P9 to P10 per liter. Gasoline prices are expected to increase by around P3.50 to P4.50 per liter.
MOPS is widely used as the pricing benchmark for petroleum products in Southeast Asia.
The projections, however, are not yet final. Bellas said the actual adjustments could still change depending on the outcome of the remaining two trading days before fuel companies announce next week’s price movements.
