Movements in the prices of petroleum products in the local market are expected to be mixed next week, owing to broader world market’s current volatility.
Oil Industry Management Bureau (OIMB) Director Rodela Romero said Friday that based on the last four days of trading, the various oil products are likely to move independently from each other.
She said gasoline may have price rollback of P0.20 per liter to an increase of P0.20 per liter, diesel may have a price rollback of P0.10 per liter to an increase of P0.30 per liter, and kerosene will have a rollback of P0.20 to P0.30 per liter.
Romero explained several factors favor the possible price rollback, specifically, the weaker oil demand of China and the US, the surprise build in US stocks, and an easing of geopolitical risks with the resumption of talks on a ceasefire.
On the other hand, she said a possible increase in diesel pump prices can be brought about by South Korea’s recent increase in fuel demand.
Meanwhile, the energy official assured that areas under state of calamity due to Typhoon “Kristine” are exempt from price increases.
She said a price freeze for household liquefied petroleum gas or LPG and kerosene will be implemented for 15 days starting from the date the state of calamity was officially declared.
On Oct. 15, 2024, the oil companies implemented an increase of P2.60 to P2.65 per liter for gasoline, P2.70 per liter for diesel and P2.60 per liter for kerosene.
Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P9.05 per liter and P6.75 per liter, respectively while kerosene has a total net decrease of P2.75 per liter.
