Mixed adjustments expected in oil prices next week

MANILA, Philippines — Motorists can expect slight fuel price adjustments in the first week of November, the Department of Energy (DOE) announced on Friday, November 1.

Gasoline prices are expected to decrease by P0.40 to P0.70 per liter, while kerosene prices may increase by P0.10 to P0.20 per liter.

Diesel prices remain uncertain, with the DOE indicating a potential decrease of P0.20 per liter or no change. 

Asked about the likelihood of a diesel price hike, DOE Oil Industry Management Bureau Director Rodela Romero noted that an increase remains possible.

“Maaaring tumaas ‘yung sa diesel. Kung maliit lang naman ‘yung gap, nawawipe out pa siya. Sana hindi na lang mabura yung rollback or 'di na lang magbago,” Romero said in an interview with Super Radyo DZBB 594.

(Diesel prices may still increase. If the fluctuation is small, it could still be wiped out. Hopefully, the rollback won’t be removed, or at least the price won’t change.)

The DOE attributed the rollback to an upcoming meeting by the Israeli prime minister to discuss a diplomatic solution to rising tensions in Lebanon. 

However, Romero also said that although tensions have eased slightly with Israel’s expressed willingness to negotiate, underlying conflicts remain.

On October 24, Israel launched air strikes in Damascus, aimed at military sites in Syria as part of its ongoing campaign against Iran-linked installations.

“Bagamat nagretaliate sa Iran, hindi masyadong tinamaan ang oil facilities. But it’s still an increase (in oil prices) because of the retaliation,” Romero said.  

(Although there was retaliation against Iran, the oil facilities were largely unaffected. But it’s still an increase in oil prices because of the retaliation.)

Romero added the Asian market is currently facing a tight supply of gasoline, diesel, jet fuel and kerosene.

Oil firms previously imposed small price hikes on gasoline, diesel and kerosene. 

As of October 30, the year-to-date adjustment for gasoline shows an increase of P8.75 per liter, while diesel has risen by P6.55 per liter. Meanwhile, kerosene has seen a total decrease of P3.10 per liter.

According to the DOE, the common pump prices across oil companies from October 22 to 28 are as follows:

• Gasoline: P52 to P65.71 per liter
• Diesel: P51.60 to P54.60 per liter
• Kerosene: P71.66

The DOE’s price adjustment is based on the 4-day trading period of the Mean of Platts Singapore, which reflects the average prices of oil product transactions between buyers and sellers.