Diesel, kerosene rollback; gasoline price hike seen next week

Motorists should expect another round of mixed movements in the retail prices of petroleum products to be implemented in the coming week.

Citing industry estimates, based on international fuel trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the following are the estimated pump price adjustments:

• Gasoline - more or less increase of P0.70 per liter
• Diesel - more or less rollback of P0.45 per liter
• Kerosene - more or less rollback of P0.25 per liter

The expected amount of adjustments excluded the operating cost of oil companies and other premiums, according to the Energy official.

Romero cited the geopolitical concerns such as the Ukraine attack to Russian’s oil infrastructure and the rising tensions between US and Venezuela as well as the global crude oil supply surplus as relevant news in the international oil market that contributed to the estimated adjustments.

“Final adjustments will be determined after Friday’s MOPS [Mean of Platts Singapore] trading,” she said.

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

On December 2, oil companies increased the prices per liter of gasoline by P0.20, while lowering diesel by P2.90, and kerosene by P3.20. —AOL, GMA Integrated News