Minimal or no adjustment in pump prices next week

MANILA, Philippines — Pump prices could stay the same or see minimal adjustments next week.

An oil industry source said indicative movement on pump prices for next week could range from P0.10 to P0.20 per liter increase for diesel and possibly no movement to a P0.10 per liter upward adjustment for gasoline.

Cleanfuel, for its part, said there is likely to be potential price increase for gasoline next week, but it did not provide estimates.

In an interview with dzBB yesterday, Department of Energy (DOE)-Oil Industry Management Bureau director Rino Abad said there is likely to be no price movement in all petroleum products next week based on the first four trading days of the week.

Should there be any, he said the adjustments would be minimal, but whether it will be an increase or decrease would depend on Friday’s trading.

“Since Monday prices were on a decline, but it increased on Thursday because OPEC announced that they continue the production cut up to December. So, we are still waiting for Friday’s trading,” he said.

The final domestic pump price movements will be announced by oil companies on Monday, which will take effect the next day.

Diesel and kerosene prices have risen for nine consecutive weeks so far, while that of gasoline has climbed for eight straight weeks.

Oil companies last Tuesday raised prices by P0.50 per liter for gasoline, P1.20 per liter for diesel and P1.10 per liter for kerosene.

These price adjustments resulted in a year-to-date net increase of P15.30 per liter for gasoline, P10.70 per liter diesel and P7.74 per liter for kerosene, data from the DOE showed.