Gasoline prices seen to rise, diesel to drop this week

Gasoline prices are expected to increase this week while diesel prices may go down, driven by benchmark market movements, shifting demand, and external developments.

Jetti Petroleum president Leo Bellas said Friday that gasoline could go up by P0.40 to P0.60 per liter, while diesel may drop by P0.70 to P0.90 per liter.

“MOPS prices have seesawed during the first four trading days of the week,” Bellas noted, referring to the Mean of Platts Singapore, Southeast Asia’s benchmark for refined oil. “Diesel declined as demand slowed amid rising supply, while gasoline remained strong due to seasonal summer demand.”

He added that crude oil prices generally weakened last week amid prospects of eased sanctions on Russia should a ceasefire or peace deal emerge from the planned meeting between US President Donald Trump and Russian President Vladimir Putin.

Other downward pressures included higher-than-expected US crude and diesel inventories, easing US-China trade tensions following an extended tariff pause, and demand optimism linked to the possibility of a US interest rate cut in September.

However, Bellas said uncertainty over the US-Russia talks continues to add a “bullish risk premium,” as stalled negotiations could further pressure Russia and its oil buyers.

Fuel prices fell last week, reversing the upward adjustments seen the previous week.