Mixed movements in fuel prices seen next week

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

“Based on the four-day trading in MOPS (Mean of Platts Singapore), a mixed movement in the prices of petroleum products is expected to happen next week,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said.

The estimated price adjustments are as follows:

• Gasoline - more or less rollback of P0.35 per liter 
• Diesel - more or less increase of P0.30 per liter
• Kerosene - more or less increase of P0.35 per liter

“These estimates exclude the operating cost of the oil companies and other related premiums,” Romero said.

The Energy official attributed the anticipated fuel price adjustment to “a combination of Ukraine’s drone attack to Russia’s Black Seaport, its major export hub and sanctions contributed to the increases” and “expectation of OPEC+ production ramp up is making the oil market bearish.”

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

Effective Tuesday, November 4, oil retailers hiked the prices per liter of gasoline by P1.70, diesel by P2.70, and kerosene by P2.10. —VAL, GMA Integrated News