OIL industry sources said on Friday that signals were mixed on whether fuel prices would go up or down next week, citing volatile global situations.
Gasoline prices were predicted to drop by P0.20 per liter or increase P0.20 per liter, while diesel prices were seen to drop to P0.10 per liter or increase by P0.30 per liter.
Meanwhile, kerosene prices were expected to drop by P0.20 to P0.30 per liter.
These estimates were based on the four-day trading of Mean of Platts Singapore, the pricing basis of refined goods in Southeast Asia.
The Department of Energy attributed next week’s possible price movements to global factors, specifically the recent developments in the Middle East.
“There could possibly be a mixture of increases and decreases in fuel prices next week given recent global events. The possible rollbacks are mostly due to weaker oil demand in China and the US; a surprise increase in US oil stocks; and geopolitical risks stabilizing with the resumption of talks on a ceasefire,” Department of Energy-Oil Industry Management Bureau Director Rodela Romero said.
“However, prices could still increase in Asia, specifically diesel, because of South Korea’s increase in oil demand,” she added.
For this week, local oil companies implemented rollbacks in all fuel products, as gasoline went down by P0.50 per liter, diesel by P0.70 per liter and kerosene by P0.85 per liter.
Be the first to comment