P4.50 hike in diesel possible in second week of June

MANILA, June 6 ------ A mixed movement in fuel prices is expected next week following renewed tensions in the Middle East, a stakeholder said.

Based on the last 3 trading days in the Mean of Platts Singapore (MOPS) from June 2 to June 4, the following price movements are expected next week.

- Diesel: P4 to P4.50 increase

- Gasoline: P1 to P1.50 rollback

Petroleum products rebounded last week following reports of stalled peace negotiations. Also affecting prices are fears on inventories. There is one more trading day left on Friday, June 5, which could still affect the final fuel price adjustments next week. But the Department of Energy has also been dictating the final rollback and increases since the Philippines remain under the state of national energy emergency.

Source: news.abs-cbn.com