Mixed movements in fuel prices seen next week

Motorists should expect varying adjustments in the retail prices of petroleum products in the coming week.

“Based on the four-day trading, there will be a mixed movements in the adjustments of prices of petroleum products by next week,” Department of Energy-Oil Industry Management Bureau Assistant Direcror Rodela Romero said.

The estimated pump price adjustments are as follows:

• Gasoline - increase of more or less P0.50 per liter
• Diesel - rollback of more or less P0.70 per liter
• Kerosene - rollback of more or less P1.00 per liter

The Energy official cited the following developments in the international oil market which contributed to the projected fuel price movements:

• Based on the US EIA’s August Short-Term Outlook the drop is due on aggressive OPEC+ supply growth which is expected to drive global inventory builds;
• Weaker global demand outlooks by IEA; 
• Easing trade tensions between US and China.

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

Effective Tuesday, August 12, fuel firms rolled back the prices per liter of gasoline by P0.40, diesel by P1.50, and kerosene by P1.30. —VAL, GMA Integrated News