Mixed movements in oil prices seen next week

MANILA, Philippines — Pump prices of fuel products may see mixed movements next week, with gasoline continuing its downward trend and an uptick in diesel and kerosene prices following a recent rally in global oil prices.

Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said pump prices for gasoline could decrease again next week, while an increase is expected for kerosene.

Diesel, meanwhile, may either go up or down next week. Prices may go down by P0.20 to P0.45 per liter for gasoline while kerosene prices may increase by P0.10 to P0.20, according to the DOE’s estimates based on the recent four-day trading

Diesel prices can experience either a rollback of P0.10 or an increase of P0.20 per liter.
Gasoline prices have declined for the third consecutive week, while diesel and kerosene prices rolled back for four straight weeks so far.

“Oil prices rallied as OPEC remains optimistic on oil demand growth, despite economic and geopolitical uncertainties,” Romero said yesterday. 

“This is further complemented by China’s clarification on its stimulus program to bolster growth in its struggling economy and US inventory draw,” she added.

Last Tuesday, oil companies implemented a per liter decrease in gasoline by P2.00, diesel by P0.50 and kerosene by P0.85.

The year-to-date adjustment of gasoline and diesel stand at a per liter net increase of P7.25 and P4.20, respectively, according to the DOE’s oil monitoring report.

Meanwhile, the DOE says kerosene posted a net decrease of P1.65 per liter.