Motorists are bracing for another hit to the wallet next week as fuel prices climb once moreโthis time with gasoline taking the sharper punch. Oil firms are expecting hikes starting December 9, driven by tightening global supply and ongoing geopolitical tension that continues to rattle energy markets.
According to Jetti Petroleum president Leo Bellas, gasoline may spike by โฑ1.10 to โฑ1.30 per liter, marking one of the steeper increases in recent weeks. Diesel, meanwhile, is projected to inch up by โฑ0.10 to โฑ0.30 per liter, based on early averages from the Mean of Platts Singapore and foreign exchange movement.
Despite a dip in global diesel benchmarks, Bellas said geopolitical risksโparticularly elevated premiums and freight ratesโkept diesel from softening further. Asian gasoline prices, on the other hand, remain stubbornly high due to tight supply, strong regional demand, and muted exports from China and South Korea.
Motorists get a slight breather in diesel, but gasoline drivers are taking the full swing.
Image from AutoDeal