Fuel retailers are expected to implement mixed adjustments in the prices of domestic petroleum products in the first week of November, with gasoline on track for another increase.
Jetti Petroleum president Leo Bellas said gasoline may see a price jump ranging from P2.90 to P3.20 per liter.
Diesel may record a slight reduction of 40 centavos to 60 centavos per liter.
‘Regional attacks’
‘Diesel and gasoline closely followed the movement of crude oil, which continues to be supported by concerns about energy supply disruptions in the Middle East as regional attacks continue and worries the US could strike Iran after next week’s US midterm elections,’ he said.
‘However, hopes for a breakthrough in the diplomatic efforts to end the eight-month-long conflict helped pare oil’s further rise,’ Bellas added.
Estimates were based on the first four days of trading at the Mean of Platts Singapore (MOPS) and foreign exchange movements. MOPS is the basis for the pricing of refined petroleum products in Southeast Asia.
Oil firms will announce their latest weekly price movements on Monday.