Mixed pump adjustments set next week

MANILA, Philippines — In the coming week, motorists can expect pump prices of petroleum products to move in opposite directions.

Following four days of trading in the global oil market, the Department of Energy has indicated that gasoline prices may either decline by P0.15 or increase by P0.30 per liter.

A rollback of P0.20 to P0.40 per liter is likely for kerosene, while diesel may either decrease by P0.40 per liter or remain unchanged.

Oil Industry Management Bureau assistant director Rodela Romero attributed the potential rollback to reports of progress in nuclear talks between the US and Iran.

Other factors cited include the easing of global trade tensions between the US and China, as well as the additional crude oil storage capacity at Iran’s export terminal.

The possible hike in oil prices, on the other hand, reflects OPEC’s continued optimism about “global oil demand despite economic risks,” Romero noted.

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

Last Tuesday, oil firms implemented price hikes of P1.70 per liter for diesel and P1.20 per liter for gasoline and kerosene.