Diesel, kerosene prices seen to go up, gasoline rollback or no change

Motorists should expect hikes on the pump prices of diesel and kerosene while no change or a minimal rollback could be anticipated for gasoline in the coming week.

“There would be a mixed movement in the prices of petroleum products based on the four-day trading in MOPS (Mean of Platts Singapore),” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said.

MOPS is the basis for pricing of refined petroleum products in Southeast Asia.

The local oil industry uses MOPS, the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts.

Based on the MOPS trading from January 8 to 11, 2024, Romero said the prices per liter of diesel and kerosene may have an increase of P0.40 to 0.60 and P0.60 to P0.70, respectively.

“Gasoline, either no movement or a little rollback,” she said.

An oil industry source, likewise, said diesel prices may increase by P0.40 to P0.50 per liter while gasoline prices may be slashed by P0.10 per liter or “have no movement” next week.

“Reasons for the increase are concerns about escalating conflict in the middle east with more attacks on Gaza and on the shipping issue in the Red Sea,” Romero said.

“On the other hand, factors such as increase in the inventory of crude and products by the US, oil demand worries by big economies and the rising OPEC supply make oil prices steady for the last week,” she added.

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

On Tuesday, January 9, fuel firms hiked the prices of gasoline, diesel, and kerosene by P0.10 per liter.

To date, the total price adjustments of diesel and kerosene stand at a net decrease of P0.25 per liter and P1.30 per liter, respectively.

In Metro Manila, the prevailing retail prices of gasoline range from P53.40 to P76.15 per liter, diesel prices range between P50.49 and P66.50 per liter, while kerosene prices range from P70.64 to P82.03 per liter.—AOL, GMA Integrated News