Consumers are facing mixed oil price movement next week as oil companies price their fuel products to reflect the movement of world oil prices.
According to industry estimates, diesel may go up by P0.40 to P0.50 per liter and kerosene by P0.35 to P0.50 per liter.
However, gasoline may not go up and may even go down by P0.20 to P0.30 per liter.
The Department of Energy director for the oil industry management bureau Rodela Romero confirmed the price movement but said the estimate is based on the four-day trading only.
‘Oil prices fell slightly in Asian trade due to concerns over slowing economic growth of China and other major economies while an uptick in U.S. production and exports showed supply may not be as tight as initially expected,” Romero said.
Romero said the US Energy Information Administration weekly report showed that crude stockpiles fell by 6.135 million barrels during the week ended Aug. 18, also affecting the movement of oil prices.
On August 22, 2023, the oil companies implemented an increase of P1.10 per liter for gasoline, P0.20 per liter for diesel, and P0.70 per liter for kerosene.
These price adjustments resulted in a year-to-date net increase of P14.50 per liter for gasoline, P8.80 per liter for diesel, and P5.84 per liter for kerosene.