Mixed movements in fuel products seen next week

Pump prices of petroleum products are expected to have mixed movements in the coming week.

In its fuel price forecast for Dec. 19 to 25, Unioil Petroleum Philippines said the price of diesel may "have no change to rollback by P0.10 per liter."

"Gasoline will have no change," Unioil said.

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said that the "adjustments are attributed to the fundamentals of supply and demand where world oil supply is higher by 1 MMD (million barrels per day) against world oil demand until the end of December 2023."

"However, lingering factors such as the geopolitical conflict, and the OPEC+ production cuts are pushing the prices upward," Romero said.

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

Effective Tuesday, Dec. 12, firms rolled back the prices per liter of gasoline by P1.60, diesel by P1.85, and kerosene by P1.40.

The latest price movements brought the year-to-date adjustments at a net increase of P11 per liter for gasoline, P3.85 per liter for diesel, and P0.54 per liter for kerosene.

In Metro Manila, the prevailing retail prices of gasoline range from P53.40 to P74.65 per liter, diesel prices range between P50.84 and P65.05 per liter, while kerosene prices range from P70.30 to P82.95 per liter. — VDV, GMA Integrated News