Philippine petrol prices projected to rise by up to ₱3.20 per litre
Diesel could fall by ₱0.40 to ₱0.60 per litre in the next adjustment, according to oil industry estimates.
Petrol prices in the Philippines could increase by ₱2.90 to ₱3.20 per litre in the next adjustment, while diesel could become cheaper, an oil industry source told GMA News on October 30.
The source projected a diesel reduction of ₱0.40 to ₱0.60 per litre. The estimates use four days of Mean of Platts Singapore trading data and foreign exchange averages.
The source attributed support for crude prices to concerns over Middle East supply disruptions, continuing regional attacks and a possible US strike on Iran after the US midterm elections. Hopes that diplomacy could end the eight-month-long conflict had limited further increases, the source said.
Additional Chinese export quotas covering petrol, diesel and jet fuel, alongside South Korea’s easing of diesel export restrictions, had also improved supply prospects and moderated fuel price gains, the source added.
Fuel companies announce changes on Mondays for implementation on Tuesdays. For October 27 to November 2, petrol prices fell by ₱0.30 per litre, while diesel rose by ₱1.20 and kerosene by ₱0.50 per litre.
