MANILA, Philippines — Gasoline and diesel prices are expected to increase next week due to US sanctions against Iran and a plan by some OPEC member countries to cut oil production, local industry sources said on Friday.
They said that diesel prices may go up between P1.10 to P1.40 per liter and gasoline between P1.30 and P1.60 per liter.
These estimates were from the 3-day trading of Mean of Platts Singapore, which is the basis for pricing of refined goods in Southeast Asia.
This week, global trade uncertainties brought down oil prices. Gasoline dropped by as much as P3.60 per liter, and diesel by P2.90 per liter.
