Mixed movements in fuel prices seen next week

Motorists should expect mixed movements in the retail prices of petroleum to be implemented in the coming week.

Citing industry estimates based on the Mean of Platts Singapore (MOPS) trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the following are the expected fuel price adjustments:

• Gasoline - more or less rollback of P0.50 per liter
• Diesel - more or less increase of P0.50 per liter
• Kerosene - more or less increase of P1.35 per liter

“Final estimate will happen after the Friday’s MOPS trading,” Romero said.

The Energy official said global crude oil prices exhibited mixed movements over the past four days due to supply, demand, and geopolitics.

“There’s an oversupply as signals from OPEC+ and weak global economic indicators and modest rebound driven by heightened geopolitical risks especially due to the sanctions imposed to Russia, Iran and Venezuela,” Romero said.

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

Effective Tuesday, November 18, oil companies raised prices of gasoline and diesel by P1.20 per liter each. 

There was no adjustment for kerosene, which remains under a nationwide price freeze following the declaration of a state of national calamity. —VAL, GMA Integrated News