Mixed pump price movements seen next week

MANILA, Philippines — Pump prices for petroleum products are expected to move in opposite directions next week, with gasoline leaning toward a possible increase.

Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero estimated a rollback of P0.30 to P0.60 per liter for diesel and P0.60 to P0.70 per liter for kerosene.

Meanwhile, the pump price of gasoline is seen increasing by around P0.20 per liter.

The estimates were based on the four-day trading at Mean of Platts Singapore.

According to Romero, crude oil prices dropped earlier this week as market participants stayed cautious over “the global demand outlook, with top importer China experiencing slow economic growth.”

“Also, there is an expectation of higher crude flows from Iran. But (Thursday’s) trading and relevant news showed demand optimism after US crude inventories declined,” she added.

Yesterday’s trading will determine the final adjustments, which will be announced on Monday and will take effect the following day.

Last Tuesday, gasoline, diesel and kerosene prices went down by P0.60, P0.95 and P1.15 per liter, respectively, following four straight weeks of increases.

Year to date, the total adjustment in the pump prices of gasoline, diesel and kerosene stands at a net increase of P10.25, P8.15 and P1.20 per liter, respectively.