Diesel prices in the Philippines may increase by up to P2.50 per liter next week, while gasoline prices could drop by as much as P1.50 per liter, according to oil industry sources.
Based on initial estimates, diesel prices may rise by P2 to P2.50 per liter, while gasoline prices could decrease by P1 to P1.50 per liter.
The projected increase in diesel prices comes amid attacks by Houthi forces on infrastructure in Saudi Arabia and attacks on vessels in the Gulf, raising concerns over potential disruptions to regional oil supply.
Oil loading operations outside the Arabian Gulf are also facing risks, along with ship-to-ship transfers that support regional oil shipments.
Concerns have further intensified over the possibility of escalating tensions and renewed fighting following the United States midterm elections.
Meanwhile, rising gasoline inventories in Singapore are expected to help drive a potential decrease in gasoline prices next week.
The latest price projections are based on four days of trading in the international oil market and may still change depending on the outcome of Friday's final trading session.
Oil companies are expected to announce their official price adjustments before implementing the changes on Tuesday.
