Mixed pump adjustments seen next week

MANILA, Philippines — Pump prices of petroleum products are poised to experience another round of mixed adjustments next week, according to the Department of Energy (DOE).

Based on the four-day trading in the global oil market, the DOE has estimated a potential price cut of P0.20 to P0.50 per liter for diesel and P0.10 to P0.25 per liter for kerosene.

Gasoline prices, on the other hand, are expected to either remain unchanged or see a rollback of P0.30 per liter.

Oil Industry Management Bureau assistant director Rodela Romero said the estimated adjustments followed the decline of OPEC’s production last month due to lower output from Iran and Nigeria.

Also contributing to mixed movements is the impending price hike in Saudi Arabian crude for Asian buyers for March delivery, as sanctions on the Russian oil industry have led to increased demand from China and India.

The US and the UK earlier announced tougher sanctions on Russian oil companies, a move aimed at reducing Moscow’s energy revenue to deplete its war chest amid the ongoing conflict with Ukraine.

According to Romero, the oil market also continues to digest US President Donald Trump’s planned imposition of tariffs on Canada, Mexico and China.

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