Mixed pump adjustments seen next week

MANILA, Philippines — Pump prices of petroleum products are expected to move in opposite directions next week, according to the Department of Energy (DOE).

Based on the four-day trading, the DOE-Oil Industry Management Bureau (OIMB) estimated a rollback of P0.40 to P0.70 per liter for gasoline and an increase of P0.10 to P0.20 per liter for kerosene.

Meanwhile, a rollback of P0.20 per liter or no change is seen for diesel prices.

DOE-OIMB assistant director Rodela Romero traced the possible increase in the optimistic outlook on the fuel demand in the US, coupled with the drop in crude and gasoline inventories.

Among other factors are the ongoing conflicts in the Middle East and the tightening of Asian regional supplies, she noted.

As for the rollback, Romero said the global oil market expects Middle East tensions to ease with a potential diplomatic resolution to the war between Israel and Lebanon.

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

This week, oil companies hiked pump prices of gasoline by P0.20 and diesel and kerosene by P0.50.