Gasoline, kerosene price hikes; diesel rollback seen next week

Motorists may see mixed adjustments in pump prices next week, with gasoline and kerosene prices expected to increase while diesel prices could be reduced, the Department of Energy - Oil Industry Management Bureau (DOE-OIMB) said Friday.

According to DOE-OIMB director Rino Abad, global prices have continued to move sideways in the past four trading days due to pronouncements regarding the Middle East conflict and could change even further on Friday — the last trading day of the week.

“Hindi mo ma-predict ‘yung galaw nila. Pati ‘yung oil market nalilito, kaya hindi sila makadiretso ng increase, hindi rin sila makadiretso ng decrease. Depende sa mga pronouncement, kasi pabago-bago rin,” he said in an interview on GMA Super Radyo DZBB on Friday.

(You cannot predict the movement. Even the oil market is confused, so prices cannot keep rising consistently, but they also cannot keep falling consistently. It depends on the pronouncements being made, because those keep changing as well.)

The actual pump price adjustments will be announced on Monday, June 15, and will take effect on Tuesday, June 16.

Firms this week hiked prices per liter of gasoline, diesel, and kerosene, following the rollbacks implemented last week.

The United States and Iran exchanged attacks earlier this week, with President Donald Trump vowing that even more attacks could come if no peace deal is secured. —AOL, GMA News