Mixed pump movements seen next week

MANILA, Philippines —  Following recent hikes, pump prices of petroleum products are expected to move in opposite directions next week.

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) estimated an increase of P0.55 to P0.80 per liter for gasoline and a rollback of P0.10 to P0.30 per liter for kerosene.

Meanwhile, a downward adjustment of P0.30 per liter or no movement is seen for diesel.

The estimates were based on the four-day trading in the international oil market.

DOE-OIMB assistant director Rodela Romero attributed the anticipated rollback to increased optimism for a “wider regional peace deal” following a US-brokered ceasefire between Israel and militant group Hezbollah.

The slowdown in China’s consumption was said to have also exerted downward pressure in domestic pumps.

However, fuel price hikes remain lingering as OPEC+ is likely to extend its production cuts, with a gradual easing of output curbs expected in April next year, Romero said.

She added that the unexpected drop in US crude inventories has further fueled the bullish outlook on oil prices.

Yesterday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.