Oil prices are expected to increase by as much as ₱1.40 per liter next week due to tightening supply conditions, according to Jetti Petroleum President Leo Bellas.
In an advisory released Friday, Bellas said diesel prices could rise between ₱1.20 and ₱1.40 per liter, while gasoline may go up by ₱0.30 to ₱0.50 per liter, based on Asian benchmark prices and foreign exchange movements as of Thursday.
The projected hike would mark the third consecutive week of increases for gasoline and the fifth for diesel.
“Worries of tightening near-term supply due to the temporary halting of production at two large oilfields in Kazakhstan and export constraints in the Black Sea are supporting the upward pressure on oil prices this week,” Bellas said.
He added that demand optimism from China, following stronger-than-expected economic growth data, and the International Monetary Fund’s improved forecast for 2026 are also contributing factors.
Bellas further noted that oil prices have remained volatile despite the easing of worries over potential supply disruptions from the Middle East due to lingering concern of a US military intervention in Iran.
“Geopolitical tensions continue to have a significant impact on the prices of diesel and middle distillates, and further supported by reports of a sharp rise in demand from the US and higher demand from Europe due to the colder temperatures sweeping the continent,” he said.
The advisory underscores the continuing volatility in global oil markets, with both supply constraints and geopolitical risks driving upward pressure on fuel costs in the Philippines.