Diesel price hike, gasoline roll back next week -Unioil forecast

Motorists could expect mixed movements in the pump prices of petroleum products in the coming week.

In its fuel price forecast for the March 19 to 25 trading week, Unioil Petroleum Philippines said the following are the estimated adjustments in fuel products:

• Diesel: Increase by P0.10 to P0.20 per liter
• Gasoline: Down by P0.10 to P0.20 per liter

The Energy Department, citing industry estimates, earlier said that an anticipated rollback in the coming week was uncertain due to conflicting factors affecting petroleum trading in the international market.

Oil Industry Management Bureau Assistant Director Rodela Romero said that the primary reason for the rollbacks is the forecast of the US DOE Energy Information Administration that US crude production will rise in 2024 and 2025 and will offset to some extent the OPEC+ production cut.

Factors that pull oil prices up, however, are the increase in oil demand in the US and India and the drop in US crude inventories, Romero said.

“Also, the attack made by Ukraine to the four largest Russian refineries in a single day contributed to the increase of oil prices or the lowering down of the amount of the expected rollbacks,” she said.

Oil companies regularly announce price adjustments every Monday which will be effective on the following day.

Effective Tuesday, March 12, fuel firms slashed the per liter prices of gasoline, diesel, and kerosene by P0.50, P0.25, and P0.30, respectively.

The latest price movements brought the year-to-date adjustments to stand at a net increase of P5.45 per liter for gasoline and P3.80 per liter for diesel. Kerosene, on the other hand, recorded a year-to-date net decrease of P0.25 per liter. — DVM, GMA Integrated News