Mixed movements in fuel prices seen next week

Motorists should expect mixed movements in pump prices in the coming week, according to the Department of Energy (DOE).

Citing estimates based on international petroleum trading in the last four days, DOE-Oil Industry Management Bureau Assistant Director Rodela Romero said the following adjustments may be applied by fuel retailers:

• Gasoline - no change or rollback of more or less P0.10 per liter 
• Diesel - increase of more or less P0.50 per liter 
• Kerosene - increase of more or less P0.30 per liter 

Factors affecting fuel price movements include the “unexpected decline in US crude inventories reinforcing signs of strong refinery activity” and “wild ride in oil prices was largely driven by geopolitical events and uncertainty surrounding US trade policies,” according to Romero.

Oil companies announce official price adjustments every Monday, to be implemented on the following day.

This week, effective July 22, fuel retailers hiked the prices per liter of gasoline by P0.40, diesel by P1.10, and kerosene by P0.70. —VAL, GMA Integrated News