Fuel prices drop in world market but Mean of Platts Singapore still showing increase

MANILA — Oil prices dropped on the third day of trading in the world market as diplomatic efforts bring hope of easing tensions in the Middle East.

Prospects of additional supply from Russia and China also made prices ease.

But the dip in prices was not able to wipe out the increase in gasoline, diesel, and kerosene in the Mean of Platts Singapore.

As of October 28, oil prices have moved by the following amounts:

Diesel – P0.40/L increase

Gasoline – P3.58/L increase

Kerosene – P0.30/L increase

But Jetti Petroleum president Leo Bellas is not yet confident that diesel prices will reverse course and turn to negative territory in Thursday and Friday’s trading.

Bellas is certain, however, that gasoline prices will already increase at the pumps next week, after a measly P0.30/liter reduction last Tuesday.