Pump prices for diesel products show no signs of easing as industry sources estimate another round of hikes on Oct 7.
In an advisory, Jetti Petroleum president Leo Bellas said the diesel prices might go up by 80 centavos to P1 per liter.
Meanwhile, the Department of Energy’s (DOE) estimate for diesel is an increase of about 50 centavos per liter.
For the previous six consecutive weeks, diesel prices had already increased by a total of P5.10 per liter.
Meanwhile, the DOE expects a potential rollback of more or less five centavos per liter of gasoline.
Bellas, on the other hand, sees either an increase or a decrease of 10 centavos for gasoline.
Kerosene prices are also expected to inch up by 25 centavos a liter.
‘Crude oil prices have declined sharply this week due to concerns about a market glut from the prospect of higher OPEC+ production output,’ Bellas said.
‘However, despite the bearish sentiment, Asian diesel market fundamentals remain supported due to shifting of regional flows to the West to meet the demands from the US and Europe as the ongoing autumn refinery maintenances, peak harvest season demand, and Russia’s partial diesel export ban have raised the risk of supply shortfalls,’ he added. /rwd