By AGENCE FRANCE-PRESSE

A source from the oil industry said that the retail diesel prices could increase by P17 to P19 per liter, based on Mean of Platts Singapore (MOPS) trading in the past four days (March 30 to April 2),

These projections could mean that prices of regular diesel could go up as much as P165 and premium diesel past P170 a liter.

Gasoline prices are expected to increase by P3 to P5 per liter, potentially bringing the prices of its super premium, premium, and regular varieties to about P120, P117, and P110 per liter, respectively.

“Diesel supply continues to tighten as demand remains high, pushing the prices of middle distillates much higher relative to gasoline,” the industry source said.

“Renewed fears of prolonged supply disruptions have pushed prices to all-time highs. Any serious talks with Iran could de-escalate the tensions and bring some relief to prices. However, until the Strait of Hormuz is reopened, supply will remain tight and prices supported,” the source added.

Based on the Department of Energy’s monitoring, fuel retailers implemented the following price adjustments for the March 31 to April 6 week:

• Diesel –  P14 per liter
• Gasoline – P2.90 per liter
• Kerosene – P2.50 per liter

Latest data from the Energy Department showed that the latest price movements, the 13th for the entire year, resulted in a total net increase of P48.20 per liter for gasoline, P90.05 per liter for diesel, and P78.10 per liter for kerosene.