Mixed movement in fuel prices seen in last week of May

Motorists should expect mixed movements in pump prices to be implemented by fuel retailers in the last week of May.

“Based on the four-day trading in MOPS (Mean of Platts Singapore) and results of relevant news in the international oil market, we will be expecting a mixed movement in the prices of petroleum products by next week,” said Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero.

The estimated adjustments are as follows:

• Gasoline - rollback of P0.15 per liter to increase of P0.30 per liter
• Diesel - no adjustment to rollback of P0.40 per liter
• Kerosene - rollback of P0.20 to P0.40 per liter

The Energy official cited following international oil market news which contributed to the estimated mixed price adjustments, namely:

For rollback

• Reports of progress toward US-Iran nuclear deal;
• Cooling global US-China trade tensions;
• Additional crude oil storage capacity from Iran’s Export Terminal;

For increase

• OPEC remains optimistic about global oil demand growth despite economic risks

Fuel firms announce price adjustments every Monday, to be effective on the following day.

On Tuesday, oil firms announced a big-time hike in pump prices, increasing the prices per liter of diesel by P1.70 and prices of gasoline and kerosene by P1.20 per liter. —AOL, GMA Integrated News