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Friday, June 14, 2024

Mixed movement in fuel prices seen next week

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Domestic prices of petroleum products are forecast to have a mixed movement next week, with diesel and kerosene prices going up while gasoline prices expected to stay stead or have a small rollback.

Industry sources said that based on the four-day trading of Mean of Platts Singapore (MOPS), the benchmark for oil importers, diesel and kerosene products are seen to rise by P0.40 to P0.60 per liter and P0.60 to P0.70 per liter, respectively.

“Reasons for increase is on concerns about escalating conflict in the middle east with more attacks on Gaza and on the shipping issue in Red Sea,” Department of Energy director for the oil industry management bureau Rodela Romero said.

“On the other hand, factors such as increase in the inventory of crude and products by the US, oil demand worries by big economies and the rising OPEC supply make oil prices steadied for the last week,” she said.

On Jan. 9, local oil companies implemented an increase in the price of gasoline, diesel, and kerosene by P 0.10 per liter.

The total adjustment of diesel, and kerosene stands at net decrease of P0.25 per liter, and P1.30 per liter, respectively to date.

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