Minimal movements in gas prices expected this week

MANILA, Philippines — Oil prices are expected to have minimal price movements this week amid a volatile global market.

“Diesel should have no movement or could increase up to P0.05 per liter while gasoline should have no movement or could have a rollback up to P0.10 per liter,” Unioil Petroleum Philippines said in its weekly forecast.

During the past trading week, global oil prices started on a weak note after “constructive” talks over a multi-party nuclear agreement which suggested easing tension in the Middle East, Reuters reported.

Towards the mid-week, oil prices rose on expectations of a drop in US inventories and anticipation of the interest rate cut by the Federal Reserve, the first in over a decade.

However, on Thursday, oil prices slumped – with the Brent crude posting its biggest drop in over three years – following US President Donald Trump’s announcement of additional tariffs versus China starting next month.

Last Tuesday, oil companies rolled back gasoline prices by P0.95 per liter but raised diesel and kerosene prices by P0.15 per liter and P0.10 per liter, respectively.

Department of Energy data showed year-to-date adjustments stand at a net increase of P5 per liter for gasoline, P3.95 per liter for diesel and P2.15 per liter for kerosene.