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Thursday, February 22, 2024

Mixed movement for fuel prices next week—DOE

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Oil consumers face mixed price movements next week as gasoline products are expected to increase, while diesel products are seen going down.

Industry sources said gasoline would go up by P0.25 to P0.45 per liter while diesel may go down by P0.20 to P0.40 per liter.

Kerosene prices may not move or may increase only by P0.10 per liter, the source told the Standard.

“There will be mixed movements in the prices of petroleum products next week,” Department of Energy (DOE) director for the Oil Industry Management Bureau Rodela Romero said.

She said the latest price hike can be attributed to speculations the Organization of Petroleum Exporting Countries and its allies will deepen supply cuts based on their proposed output policy.

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Romero said the rise is compounded by a storm-related drop in Kazakhstan oil output and the softer US dollar and decline in US inventories.

On Nov. 28, local oil companies rolled back prices for diesel and kerosene by P0.30 and P0.65 per liter, respectively. Gasoline prices did not move.

These adjustments led to a year-to-date net increase of P6 per liter for diesel and P1.74 per liter for kerosene, while gasoline remains at a net increase at P12.30 per liter.

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