The Department of Energy (DOE) forecasts a mixed oil price movement next week with gasoline having no adjustment or a rollback, while diesel and kerosene prices are also expected to have a rollback to reflect the movement of prices in the world oil market.
“Based on the four-day trading in MOPS (Mean of Platts Singapore) and monitoring on the relevant news affecting the international oil market, we will be expecting a mixed movement again for next in the prices of petroleum products,” DOE Oil Industry Management Bureau (OIMB) director Rodela Romero said.
Romero said gasoline prices may not move or rollback of P0.30 per liter, diesel may have a rollback of P0.20 to P0.50 per liter and kerosene may have a rollback of P0.10 to P0.25 per liter.
She said factors contributing to the movement of prices next week includes Saudi Aramco, world’s leading oil exporter, announcing last Wednesday that they will increase prices on buyers in Asia for March delivery amid rising demand from China and India as US sanctions disrupt Russian supply.
Romero said the decline in the Organization of the Petroleum Exporting Countries production in January amid lower output from Iran and Nigeria and the market’s reaction to US President Donald Trump’s planned imposition of tariffs on Canada, Mexico and China also affected oil prices.
Meanwhile, Jetti Petroleum president Leo Bellas said diesel may go down by P0.20 to P0.40 per liter and gasoline by P0.05 to P0.25 per liter on Tuesday.
He said oil prices retreated after US President Trump agreed to hold off imposing steep tariffs on Mexico and Canada.
“Weak demand concerns in the US following a larger-than-expected build in crude oil and gasoline stockpiles, and worries that the renewed China-US trade war could slow down economic growth and dampen demand for oil further pressured prices,” Bellas said.
He said the sharp rise in the prices of Saudi Arabian crude for Asian buyers as the US sanctions disrupt Russian supply likewise affected the latest oil price movement.
“Prices drew support as well on concern of possible sudden disruption of supply from Iran should the US sanctions be reimposed,” Bellas said.
On January 28, the oil companies implemented a decrease of P0.80 per liter for gasoline, P0.20 per liter for diesel and P0.50 per liter for kerosene.
This is the fourth price adjustment for the year 2025. DOE data showed that gasoline had a total net increase of P2.65 per liter, diesel of P4.80 per liter and kerosene of P3.80 per liter.
