Brix Lelis - The Philippine Star
October 17, 2026 | 12:00am
Based on the four-day average of the regional benchmark Mean of Platts Singapore, industry estimates suggest a potential gasoline price rollback of P4 to P4.20 per liter.
The STAR / Miguel de Guzman
MANILA, Philippines — After two consecutive rounds of hikes, gasoline prices may finally drop by at least P4 per liter next week amid easing supply concerns in Asia.
Based on the four-day average of the regional benchmark Mean of Platts Singapore, industry estimates suggest a potential gasoline price rollback of P4 to P4.20 per liter.
Diesel prices, however, are seen to increase by P0.20 to P0.40 per liter, potentially ending three consecutive weeks of price cuts.
Jetti Petroleum president Leo Bellas said gasoline supply improved across the region as refineries resumed operations after maintenance.
For diesel, prices rose amid persistently low global inventories.
Expectations of additional supply from Russia and the release of diesel stocks by Group of Seven (G7) countries tempered the increase.
The G7 – comprising Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – agreed to release 100 million barrels of petroleum supplies.
Bellas stressed, however, that doubts remain over whether the diesel deal between the United States and Russia would deliver a meaningful increase in global supply.
Strategic reserve too costly
Meanwhile, Shell Pilipinas independent director Edgar Chua said establishing a government-managed strategic petroleum reserve would be too costly for the country.
“It is a good concept, but can we afford it?” Chua said when asked whether Shell was interested in taking part in setting up the planned emergency reserves.
A strategic petroleum reserve is an emergency stockpile of crude oil and refined products held by the government, private entities or both.
It is released during supply disruptions caused by geopolitical conflicts, natural disasters or global shocks to stabilize supply, moderate prices and ensure fuel availability.
Industry estimates pegged the cost of establishing oil reserves sufficient to provide an additional 30 days of fuel supply at around P30 billion.
“The strategic reserves are for rich countries. Sorry to say, we think we’re rich (because) we have a sovereign wealth fund,” Chua said.