THE Department of Energy (DOE) on Friday said pump prices will likely have a mixed movement next week amid the volatility of world oil prices. citing the threat on possible supply disruption at the international oil market as a major reason for next week estimated pump price adjustments.
DOE Oil Industry Management Bureau (OIMB) director Rodela Romero said gasoline is predicted to increase by P0.40 to P0.70 per liter, while diesel may have a rollback of P0.10 or increase of P0.20 per liter. Kerosene is seen to go up by P0.10 per liter.
Romero attributed the recent movement in global oil prices to the alarming Kazakhstan supply disruption triggered by a recent Ukrainian drone attack on a Russian pumping station; G7 statement proposing to tighten the oil price cap on Russia to pressure it to negotiate a peace agreement in Ukraine and reports of that OPEC+ is considering delaying output hikes to begin this April.
However, Jetti Petroleum president Leo Bellas expects an increase in pump prices for both gasoline and diesel next week based on this week’s Mean of Platts Singapore and foreign exchange average versus last week’s full week average.
He said diesel prices will go up by P0.20 to P0.40 per liter and gasoline by P0.55 to P0.75 per liter.
Bellas said this was driven by the supply disruption following the attack in Russian oil infrastructure.
“While the region’s diesel supply is expected to remain ample despite the approaching refinery turnarounds season, worries of Indian supplies pivoting away from Asia is putting a floor on prices. Concerns of tight gasoline supply in the region due to lower outflows from Asia’s largest suppliers and expectations of increase in demand over the Ramadan season have buoyed prices,” he said.
The oil firms also raised prices on Feb, 18, 2025 by P0.80 per liter for gasoline and diesel and kerosene by P0.10 per liter, which led to the year-to-date net increase for gasoline, diesel and kerosene stands at P4.05, P4.35 and P2.70 per liter, respectively.
Prevailing retail prices of petroleum products for the National Capital Region as of Feb. 11 to 17 showed that gasoline sells from P52 to P78.87 per liter, diesel from P50 to P74.60 per liter and kerosene from P72.54 to P84.70 per liter.
Pump prices vary depending on the brand, location and market forces.