Oil prices are expected to have a mixed movement next week based on the four-day trading in the world oil market, the Department of Energy said Friday.
“Based on the 4-day trading in the MOPS, mixed movements in the prices of petroleum products will be experienced next week,” DOE director for the oil industry management bureau Rodela Romero said.
Romero said gasoline prices may have no adjustment or an increase of 0.20 per liter while diesel will have a price rollback of P0.30 to P0.60 per liter and kerosene of P0.60 to P0.70 per liter.
She said Friday’s trading movement will determine the final adjustments for next week.
“Crude oil prices lost their gaining streak in the early part of the week as market participants remained cautious over the global demand outlook with top importer China experiencing slow economic growth,” Romero said.
“Also, there is an expectation of higher crude flows from Iran. But yesterday’s trading and relevant news showed demand optimism after US crude inventories declined,” she added.
On July 16, oil companies implemented a decrease in the price of gasoline, diesel and kerosene by P0.60, P0.90 and P1.15 per liter, respectively.
Year-to-date total adjustment of the said products stood at a net increase of P10.25 per liter for gasoline, P8.15 per liter for diesel and P1.20 per liter for kerosene, respectively.
