Diesel hike, gasoline rollback seen next week

Motorists should expect mixed movements in pump prices next week.

Citing Mean of Platts Singapore (MOPS) trading and foreign exchange averages in the past four days, an oil industry source said the following are the estimated price movements in the coming week:

• Diesel - P4.00 to P4.50 per liter (hike)
• Gasoline - P1.00 to P1.50 per liter (rollback)

“Crude oil and refined fuel products prices have rallied this week on worries of stalled diplomacy and prolonged supply disruption following the suspension of negotiations on the peace deal, and renewed threats by Iran of full closure of the Strait of Hormuz. Concerns that global oil inventories could hit critical levels if stock draws continue at the current pace further contributed to the bullish sentiment,” the source said.

The source, however, said that early data indicate that “MOPS prices are likely to go down in today’s trading, potentially pushing the possible increase on diesel to the lower range of the estimate, and the rollback on gasoline to the higher side.”

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

This week, effective June 2, oil companies rolled back the per liter prices of gasoline, diesel, and kerosene by P4.76, P9.26, and P10.86, respectively. —VAL, GMA News