Mixed movement in pump prices seen

MANILA, Philippines — A mixed movement in pump prices is expected this week after last week’s price hikes.

In its price forecast, Unioil said gasoline prices could increase by P0.80 to P1 per liter, while diesel prices could have no price change or a rollback of P0.10 per liter.

An oil industry source, on the other hand, sees a more or less P1-per-liter hike in gasoline and a less-than-P1 per liter drop in kerosene prices.

For diesel, the source said it could see either an upward or downward movement of less than P0.30 per liter.

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

Last Tuesday, oil firms jacked up gasoline prices by P0.40 per liter, diesel by P1.50 per liter and kerosene by P1.25 per liter.

These resulted to a year-to-date net decrease for diesel of P0.90 per liter and kerosene of P1.05 per liter, while gasoline has a net increase of P5.70 per liter, data from the Department of Energy showed.