Domestic pump prices will likely have a mixed movement this coming week with gasoline going down by as much as P0.90 per liter, while diesel and kerosene will go up by P0.60 per liter to P0.90 per liter, respectively.
“Based on the four-day trading in MOPS (Mean of Platts Singapore), mixed movements will be experienced in the prices of petroleum products by next week, Tuesday, June 4, 2024,” Department of Energy (DOE) director for the oil industry management bureau Rodela Romero said.
Romero said gasoline prices may rollback by P0.60 to P0.90 per liter while diesel may increase by P0.40 to P0.60 per liter and kerosene may go up by P0.75 to P0.90 per liter.
The DOE official said the forecasted oil price movement is driven by several reasons such as expectations on the OPEC+ (Organization of the Petroleum Exporting Countries) decision to continue their production cut.
Romero said world oil prices are also driven by seasonal demand uptick due to forthcoming summer season and announcement of the US on the release of millions of barrels of gasoline product from government reserves to lower prices at the pump.
She said the actual price movement next week will depend on the last day of trading for the week, which will be completed Friday night.
On May 28, 2024, the oil companies implemented an increase in the prices of gasoline and diesel by P0.40 per liter and kerosene by P0.30 per liter.
Based on DOE data, year-to-date, total adjustment of gasoline and diesel stand at net increase of P7.55 per liter and P4.85 per liter, respectively.
Kerosene, on the other hand, has a net decrease of P1.05 per liter.
