Diesel prices are expected to rise by as much as P4 per liter next week, while gasoline may either drop by P1 or increase by P1 per liter, according to an oil industry source.
Projected price adjustments
Based on the Mean of Platts Singapore (MOPS) and the average peso-dollar exchange rate from July 6 to 9, 2026, the following adjustments are anticipated: Diesel — an increase of P2.00 to P4.00 per liter; Gasoline — a rollback of P1.00 per liter or a possible increase of P1.00 per liter.
The source explained that diesel and other middle distillates remain high due to steady demand and tightening supply. Additionally, concerns over reduced diesel supply from Russia due to attacks on its energy infrastructure have contributed to the price pressure.
Factors influencing oil prices
Oil prices could rise further due to higher demand during the Northern Hemisphere summer and supply constraints from refinery maintenance and production cuts. Oil companies typically announce price changes on Monday, effective Tuesday.
The source also noted that tensions in the Middle East have affected oil prices, including Iran's attacks on ships passing through the Strait of Hormuz outside approved routes, retaliatory strikes by the United States, and the U.S. withdrawal of sanction exemptions for Iranian oil exports.
