UP AGAIN. An oil firm attendant caters to a customer in this undated photo. Oil prices are seen to rise further this coming week due to supply issues caused by geopolitical concerns overseas. (PNA photo by Ben Briones)
MANILA – Oil prices are projected to increase anew next week from PHP1 to PHP1.50 per liter on supply-related issues.
Citing price movements based on the benchmark Mean of Platts Singapore (MOPS) and the developments in the foreign exchange, Jetti Petroleum president Leo Bellas said the price per liter of diesel is forecast to increase between PHP1.30 and PHP1.50, and gasoline between PHP1 and PHP1.20.
"Oil prices have increased on worries of supply disruptions after Russian oil flows dropped significantly as the country's oil processing facilities suffered serious damage from Ukrainian attacks. Worries of possible tighter supply ahead due to fresh US sanctions that targeted Iran's oil revenue stream and initial market expectations that no change in production output from OPEC+ have also supported prices," Bellas said in a statement Friday.
He explained that "while traders have initially expected that there will be no change in the production output from OPEC+, the rising prospect that the producer group will consider another hike in production targets in October has pressured prices due to concerns of oversupply."
Bellas also said "doubts on the strength of US demand have also weighed on prices."
"Refined fuel supply fundamentals remain sensitive to trade disruptions, including any further escalation in geopolitical tensions," he added.
Oil prices have been on the rise for several weeks now due to supply issues, partly due to geopolitical concerns overseas, such as the Russia-Ukraine war and production adjustments by oil-producing countries.
Price upticks for this week alone ranged from PHP0.70 to PHP1 per liter. (PNA)
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