The Department of Energy (DOE) expects a mixed movement in pump prices next week due to volatilities in the global oil market.
DOE Director Rodela Romero said that based on the four-day trading, diesel will likely go up by P0.40 to P0.70 per liter while kerosene will also increase by P0.15 to P0.35 per liter.
On the other hand, gasoline prices may go down by P0.50 to P0.70 per liter.
Romero said world prices shot up on news about Israel deliberating an attack on Iran’s oil infrastructure resulting in possible supply disruption.
She said reports of the imposition of the additional war premium and the impact of the hurricane Helene on the oil and gas in the US also affected the movement of prices.
On the other hand, weak global demand growth and a positive supply outlook offset the higher prices.
“Many key buyers of Persian Gulf sour crudes are confident that trade flows between Persian Gulf and Asia will not be disrupted. East Asia is neutral in the ongoing conflict,” Romero said.
On Oct. 1, 2024, the oil companies implemented an increase of P0.45 per liter for gasoline, P0.90 per liter for diesel and P0.30 per liter for kerosene.
Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P6.40 per liter and P2.85 per liter, respectively, while kerosene has a total net decrease of P6.05 per liter.
