Motorists might see mixed movements in oil prices next week as global market developments continue to sway fuel costs.
In an advisory on Friday, Jetti Petroleum president Leo Bellas said diesel prices are poised to climb by 80 centavos to P1.00 per liter starting Tuesday, Nov. 25. Meanwhile, gasoline may post a slight rollback of up to 10 centavos per liter.
Bellas said prices of diesel, kerosene and jet fuel remain elevated as supply tightness persists across Asia.
He said reduced exports from Northeast Asian refiners facing maintenance and unplanned shutdowns, limited Chinese outflows. Also, lingering disruptions in Russian supply as key drivers of the upward pressure.
Meanwhile, prices of gasoline are likely to soften amid slower regional demand and a notable buildup in US inventories, signaling weaker consumption in the world’s largest oil market.
Bellas likewise noted that the new US sanctions on Russian oil giants Lukoil and Rosneft, along with Washington’s renewed push to end the war in Ukraine, could shape price movements in the coming trading sessions. INQ