An oil industry source citing Mean of Platts Singapore (MOPS) and foreign exchange averages said fuel prices have strengthened due to firm demand and supply constraints, with potential loss of Russian diesel exports adding support.
Citing Mean of Platts Singapore and foreign exchange averages from the July 6 to 9, 2026 trading week, an oil industry source said the estimated adjustments in fuel prices are as follows:"Prior to the latest flare-up in the US-Israeli war with Iran, diesel and middle distillates prices have strengthened on the back of firm demand while supply continues to tighten as physical availability remains constrained.
The potential loss of Russian diesel exports is also adding another layer of support as Russia's energy infrastructure continue to sustain damage from intensified Ukrainian drone attacks," the source said.
"Asian gasoline prices have weakened slightly as the regional market remained balance amid ample supplies and steady regional demand. Looking ahead, prices are likely to firm up as balances across global gasoline markets are tightening amid the peak Northern Hemisphere summer demand season and supply constraints due to refinery maintenances and run cuts," the source added.
This week, oil companies hiked pump prices from P0.20 to P0.25 per liter for gasoline, P3.20 to P3.57 per liter for diesel, and P1.70 to P3.70 per liter for kerosene. The latest adjustments, the 27th price movement this year, resulted in a total net increase of P45.27 per liter for gasoline, P35.13 per liter for diesel, and P32.42 per liter for kerosene.
"The July 7 Iranian strikes directly targeting vessels attempting to transit the Strait of Hormuz outside its officially-approved route, the ensuing retaliatory strikes by the US following the Iran attacks, and revocation by the US of sanctions relief for Iranian oil exports have supported prices," the source said. "Prices rose further due to renewed fears of supply disruption after the US launched strikes on Iran on July 9, with Iran responding with attacks on US infrastructures in neighboring Gulf states," the source added.
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