PUMP PRICES: Diesel hike, gasoline rollback seen next week

Motorists should expect mixed movements in fuel pump prices in the coming week.

Citing international oil trading in the last four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the following are the estimated fuel price adjustments for next week:

• Gasoline - more or less rollback of P0.05 per liter
• Diesel - more or less increase of P0.50 per liter
• Kerosene - more or less increase of P0.25 per liter

“The cost of doing business and other premiums are not yet included in these estimates,” Romero said.

The Energy official cited international oil market which contributed to the oil price movements such as US’ imposition of new sanctions in Iran in support of UN’s recent decision to reimpose sanctions on Iran in not complying its commitments under the 2015 nuclear deal as well as concerns about global supply glut as OPEC+ is set to increase its crude production levels.

“Traders are cautious ahead of the OPEC+ October 5 meeting with prices reacting sharply to headlines rather than fundamentals,” Romero said.

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

Effective Tuesday, September 30, oil companies rolled back prices per liter of gasoline by P0.20, while hiking those of diesel and kerosene by P0.90 each. — RSJ, GMA Integrated News