Mixed movement in pump prices seen next week

MANILA, Philippines — Mixed adjustments in the prices of petroleum products could be implemented by oil firms next week.

Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said that based on the four-day trading this week, both gasoline and diesel could have no adjustment or a rollback of P0.20 per liter.

Kerosene, meanwhile, could see a minimal increase or a rollback of P0.05 per liter.

“The price of oil swung wildly as mounting tensions in the Red Sea were overshadowed by concerns about the global economy,” Romero said.

The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.

Pump prices went down for the first week of 2024.

Oil firms reduced prices last Tuesday by P0.10 per liter for gasoline, P0.35 per liter for diesel and a hefty P1.40 per liter for kerosene.