Domestic diesel prices are seen to decline by as much as P3.20 per liter next week on easing worries regarding the Russia-Ukraine war since the US is firm on hammering out a peace deal.
Citing price movements as of Thursday, Jetti Petroleum president Leo Bellas, in a statement on Friday, forecasts diesel prices to be rolled back between P3 to P3.20 per liter, but prices of gasoline are seen to rise by as much as P0.10 per liter.
Bellas cited the big drop in diesel prices in the international market due to correction “on hopes of a US-brokered ceasefire in Ukraine.”
Reports said US and Ukraine officials are scheduled to meet this week to discuss a format for a peace deal.
This development also benefited gasoline prices but Bellas pointed out that “while Asian gasoline prices have eased down slightly as well, the premium and freight components have remained elevated due to tight supply-demand balance.”
The Russian-Ukraine war along with supply issues are the primary factors for the movement of oil prices in the world market.
This week, diesel prices rose by P0.60 per liter while gasoline prices were cut by P0.20 per liter.
Price of kerosene was hiked by P1.30 per liter, two weeks after no movement due to the price freeze following the declaration of a state of national calamity on Nov. 6, aimed to address the economic impacts of Typhoon Tino (international name Kalmaegi) and Super Typhoon Uwan (international name Fung-wong).*PNA
