Mixed adjustments for fuel prices next week

MANILA, Philippines — Motorists can expect mixed adjustments across domestic pump prices next week, amid recent developments in the global oil market.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) projected that prices of gasoline and diesel could experience either a rollback or increase in the following days.

Gasoline prices may go down by as much as P0.20 per liter or increase by about P0.20 per liter, while diesel prices are seen to either fall by P0.10 per liter or increase by as much as P0.30 per liter.

Kerosene prices, meanwhile, may roll back between P0.20 and P0.30 per liter. Final price adjustments will be announced on Monday and will take effect the following day.

The DOE-OIMB attributed the possible rollback to weaker petroleum demand in China and US coupled by surprise stock build-up in US and stabilization of geopolitical risks as ceasefire talks resume.

Meanwhile, the possible increase in pump prices stems from higher demand from South Korea, pushing Asian diesel prices upwards and worsened by the retaliation of Iran against Israel that could lead to possible global oil supply disruptions, according to the DOE-OIMB.

Last Tuesday, pump prices of petroleum products declined. Year-to-date, the total adjustment of gasoline and diesel now stands at a net increase of P8.55 and P6.05 per liter, respectively. Kerosene, on the other hand, has decreased by P3.60 per liter since January.