Mixed movements in fuel prices seen next week

Motorists should expect varying adjustments in the retail prices of petroleum products in the coming week.

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said various international developments and fuel trading in the past four days resulted in the following estimated adjustments:

• Gasoline - increase of P0.40 to P0.70 per liter 
• Diesel - rollback of P0.10 per liter to increase of P0.20 per liter 
• Kerosene - no adjustment to increase of P0.10 per liter

“Threat on possible supply disruption on the international oil market is the major reason for next week estimated pump price adjustments,” Romero said.

In particular, the Energy official cited the following global developments affecting fuel prices:

• 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
• Reports of OPEC+ considering delaying output hikes to begin this April

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

This week, effective February 18, fuel firms hiked the price per liter of gasoline and diesel by P0.80, and kerosene by P0.10.—AOL, GMA Integrated News