Mixed movements in fuel prices expected next week

Pump prices of petroleum products are expected to have mixed movements in the coming week, according to local oil industry sources.

Citing oil trading from July 17 to 20, an oil industry source said diesel prices may roll back by P0.10 per liter.

Meanwhile, gasoline’s per liter price may increase by P0.80 to P1.10.

Another industry source said that the running trend, based on the trading in the past four days, could lead to an increase of P0.90 per liter for gasoline and a reduction of P0.10 per liter for diesel.

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online that the expected price movements were “attributed to the production cuts implemented by Saudi and Russia.”

Romero added that “oil prices edged higher in early trade after sinking in the previous session on weaker-than-expected Chinese economic growth, as investors eyed a possible tightening of US crude supplies.”

Oil companies usually announce price adjustments every Monday, to be implemented on the following day.

However, 24 Oras Weekend reported on Saturday that gasoline prices were expected to increase by P1.20-P1.60 per liter and diesel by P0.20-P0.60 next week.

Effective Tuesday, July 18, fuel firms implemented an increase of P1.90 per liter for gasoline, P2.10 per liter for diesel, and P1.80 per liter for kerosene.

The latest price adjustments resulted in a year-to-date net decrease of P0.85 per liter for diesel and P3.70 per liter for kerosene. Gasoline, meanwhile, has a year-to-date net increase of P7.55 per liter. — DVM, GMA Integrated News