December 7, 2024 | 12:00am
MANILA, Philippines — Motorists should expect another mixed adjustment at the pumps next week, with gasoline seen increasing for the third straight week.
Based on the four-day trading in the global oil market, the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) indicated an increase of P0.10 to P0.30 per liter for gasoline.
Diesel and kerosene prices, meanwhile, are expected to go down by P0.40 to P0.70 per liter.
DOE-OIMB assistant director Rodela Romero attributed the adjustments to the uncertainties in the “geopolitical climate in the Middle East,” particularly the recent strikes between Israel and militant group Hezbollah.
Other factors for the mixed movements are the extended production cuts by the Organization of Petroleum Exporting Countries or OPEC+, the bearish oil demand outlook for next year especially for China and the strengthening of the US dollar, she added.
Final price adjustments will be announced on Monday and will take effect the following day.
Last Tuesday, oil companies implemented an increase of P0.90 per liter for gasoline and rollbacks of P0.20 and P0.40 per liter for diesel and kerosene, respectively.
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