Mixed adjustments in pump prices seen next week

MANILA, Philippines — Oil companies will implement mixed adjustments in pump prices next week, with a slight increase seen for diesel and kerosene while another round of rollback is expected for gasoline.

Cleanfuel said running trend showed a possible price reduction of P0.60 per liter for gasoline and a P0.20 per liter price increase for diesel.

An oil industry source, on the other hand, estimated the potential upward adjustment for diesel to range from P0.40 to P0.50 per liter, and a possible decrease between P0.35 and P0.45 per liter for gasoline.

“Based on four days of trading, what we are seeing in the developments in the international oil market is a mixed movement. There will be a rollback in gasoline, but there will be an increase in diesel and kerosene,” Department of Energy Oil Industry Management Bureau assistant director Rodela Romero said in an interview with dzBB yesterday.

Romero has estimated a price decrease ranging from P0.30 to P0.50 per liter for gasoline.

A similar range of between P0.30 and P0.50 per liter, meanwhile, is her estimated increase for both diesel and kerosene prices.

Romero attributed the price rollbacks to the interest rate hikes implemented by central banks of big countries to address inflation, while the price increases were due primarily to the production cuts announced by OPEC member countries.

Oil companies will announce the final price movements on Monday, which will take effect the next day.