Major increase attributed to EU ban on Russian oil
They say we should always save up for a rainy day. But with next week's fuel price estimates, there might be nothing left to save at all.
PH Fuel Watch's Facebook page shows a grim Tuesday ahead, as the latest Mean of Platts Singapore (MOPS) estimates could drive diesel prices up to PHP 5.81 per liter, and gasoline to PHP 2.62 per liter.
Oil prices rose after members of the European Union (EU) agreed to ban Russian oil earlier this week. In addition, according to Reuters, markets were undeterred by the decision of OPEC+ to increase oil production as the incremental output increase was deemed insufficient to make up for the lost Russian supply.
Also, China's expected demand increase puts a tighter strain on oil supply as they ease up on their pandemic restrictions. As of today, WTI crude is hovering at around the USD 116 range, while Brent crude is in the USD 117 range.
For the first time in two weeks, fuel prices are back moving in the same direction but are sadly not headed to a favorable destination.
We'll still keep a close eye on the developments that could happen this weekend. But barring any major shakeup in the international market, June 7 could be the day we see Manila diesel prices shoot up to the PHP 80 range.