Pump prices will see mixed movement next week due to the volatility in world oil prices, industry sources said heading into the weekend.
Based on the four-day trading of Mean of Platts Singapore (MOPS), the benchmark used by oil importers, the price of gasoline may have no movement or go up slightly by P0.10 per liter.
Meanwhile, diesel is forecast to have a price rollback of P0.10 to P0.35 per liter, and kerosene by P1 to P1.10 per liter.
“These are attributed to the ease of concerns about shipping disruptions along the Red Sea and the Russian oil output expected to hold steady in 2024. Russia diverted its oil exports from Europe to India and China,” Rodela Romero, Department of Energy (DOE) director for the Oil Industry Management Bureau, said.
Romero said final adjustments will be realized at the end of Friday’s trading.
On Dec. 26, local oil companies hiked prices of gasoline, diesel, and kerosene by P 1.60 per liter, P 1.70 per liter, and P1.54 to P1.55 per liter, respectively.
The DOE said these adjustments resulted in a year-to-date net price increase of P12.60 per liter for gasoline, P5.61 per liter for diesel, and P1.24 per liter for kerosene.