Mixed movements in fuel prices seen next week

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

Citing oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said the following are the estimated adjustments in the pump prices for May 21 to 27:

Gasoline - rollback of P0.20 to P0.45 per liter 

Diesel - increase of P0.20 to rollback of P0.10 per liter 

Kerosene - increase of P0.10 to P0.20 per liter

“Oil prices rallied as OPEC remains optimistic on oil demand growth despite economic and geopolitical uncertainties,” Romero said.

“This is further complemented by China's clarification on its stimulus program to bolster growth in its struggling economy and US inventory draw,” she said.

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

Effective Tuesday, May 14, 2024, fuel firms implemented a per liter decrease in gasoline by P2.00, diesel by P0.50, and kerosene by P0.85.

This brought the year-to-date adjustment of gasoline and diesel stand at a per liter net increase of P7.25 and P4.20, respectively. 

Kerosene, on the other hand, has a net decrease of P1.65 per liter. —VAL, GMA Integrated News