Gasoline prices up, diesel down next week
LOCAL oil industry sources said that for next week, movements in fuel prices would be mixed because of the latest global oil-related developments, especially on the market gauging the effects of the US' potential tariffs on Canada and Mexico.
They said diesel prices could roll back by as much as P1.30 to P1.60 per liter, while gasoline prices were expected to increase by around P0.40 to P0.70 per liter.
Meanwhile, kerosene prices are also estimated to go down by P0.85 to P1.00 per liter.
These estimated price movements are based on the four-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia.
«Based on the four-day trading in the Mean of Platts, Singapore, in which two days were holidays, we expect a mixed movement in the prices of petroleum products by next week. The main developments for this are US President Trump calling for lower oil prices and higher output in the US and other major suppliers, including OPEC, continuing build-up of US oil inventory, and the uncertainty over potential US tariffs on Canada and Mexico,» Department of Energy's Oil Industry Management Bureau Rodela Romero said.
«However, one thing to look out for is that the OPEC+ Joint Ministerial Monitoring Committee, which oversees the group's crude production agreement, will meet on Feb. 3, 2025, to look into the oil market situation again,» she added.
Advertisement«Based on the four-day trading, fuel prices will have mixed adjustments next week. The primary drivers were the market's worries about the tariffs proposed by US President Trump as it could further pressure economic growth and energy demand, Higher diesel export volumes from India and China, which weighed on prices, and the seasonal boost in demand over the peak Lunar New Year travel which in turn supported the gasoline price benchmarks,» Jetti Petroleum President Leo Bellas said.
Effective Jan. 28, 2025, local oil companies implemented a decrease of P0.80 per liter for gasoline, P0.20 per liter for diesel and P0.50 per liter for kerosene.