MANILA, Philippines — Recent developments in the global oil market indicate a further decline in domestic pump prices next week, according to the Department of Energy (DOE).
A downward adjustment of P0.20 to P0.40 per liter for diesel and P0.30 to P0.35 per liter for kerosene was estimated by DOE Oil Industry Management Bureau assistant director Rodela Romero.
Gasoline is seen staying flat or declining by as much as P0.20 per liter.
The estimates were based on the four-day trading in the Mean of Platts Singapore.
“The combination of the bearish and bullish factors supports the volatility of oil prices in the international oil market for this week,” Romero said.
The weakening demand from China and the plans of the Organization of Petroleum Exporting Countries to increase supplies in the global market were also said to have brought downward pressure on oil prices.
“On the other hand, crude oil futures extended gains yesterday due to the escalating geopolitical risk from renewed conflict in the Middle East and the lower US crude inventories,” Romero added.
Last Tuesday, oil companies lowered the per-liter prices of gasoline, diesel and kerosene by P0.75, P0.85 and P0.80, respectively.
Since January, gasoline and diesel prices have increased by P9.60 and P6.90 per liter, respectively.
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