October 5, 2024 | 12:00am
MANILA, Philippines — Following recent price hikes, pump prices of petroleum products are expected to move in opposite directions next week.
The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) estimated a per liter increase of P0.40 to P0.70 for diesel and P0.15 to P0.35 for kerosene.
Gasoline prices, on the other hand, are seen going down by P0.50 to P0.70 per liter.
The estimates were based on the four-day trading in the Mean of Platts Singapore.
DOE-OIMB assistant director Rodela Romero attributed the uptick in diesel and kerosene prices to Israel’s plan to launch a significant attack on Iran’s oil facilities, which could lead to supply disruption.
She said there are also oil and gas disruptions in the southeastern part of the US due to Hurricane Helene.
Among the factors for declining gasoline prices, meanwhile, is the balance of sluggish global consumption growth and a bullish supply outlook.
Friday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.
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