Gasoline price hike; diesel, kerosene rollback seen next week
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Gasoline prices are expected to increase while diesel and kerosene are projected to decrease next week, according to the Department of Energy (DOE).
Citing industry estimates based on international trading in the past four days, DOE Oil Industry Management Bureau assistant director Rodela Romero said the estimated adjustments are as follows:
Gasoline - increase of P0.40 to P0.70
Diesel - decrease of P1.30 to P1.60
Kerosene - decrease of P0.85 to P1.00
Among the factors for the possible adjustments are United States President Donald Trump’s call for lower oil prices and higher output in the US and other major suppliers including the Organization of the Petroleum Exporting Countries (OPEC); the build of US inventory; and the uncertainty over potential US tariffs on Canada and Mexico.
“But the OPEC+ Joint Ministerial Monitoring Committee that oversees the group’s crude production agreement will meet this February 3 to look into the oil market situation again,” Romero said.
Fuel firms usually announce price adjustments every Monday, to be implemented on the following day.
—VAL, GMA Integrated News