Price hike for gasoline, diesel seen next week

Gasoline and diesel prices are expected to increase next week while kerosene may also have a hike or a rollback, according to the Department of Energy - Oil Industry Management Bureau (DOE-OIMB) on Friday.

DOE-OIMB assistant director Rodela Romero said the following are the possible varying adjustments in the prices of oil products:

• Gasoline - increase of P0.30 to P0.70
• Diesel - increase of P0.20 to P0.60
• Kerosene - no adjustment or increase/decrease of P0.20

Romero said the possible adjustments of pump prices are attributed to the following developments:

• United States President Donald Trump announced reciprocal tariffs on trading partners including EU, China and Korea, stoking concern that a global trade war may dampen demand for crude;
• Oil prices dipped slightly as worries about the impact of the trade war on global growth outweighed concern about a hit to supply from threats by US to impose secondary tariffs on Russian crude;
• China’s refineries expected to decline in both March and April, with the peak maintenance season. 

Final adjustments will be determined after the last trading day on Friday, Romero noted.

Oil companies announce official price adjustments every Monday, to be implemented on the following day. On Tuesday, pump prices of fuel products increased for the second straight week. —VAL, GMA Integrated News