Mixed movement of oil prices looms

Pump prices may have a mixed price movement next week. Industry sources said that based on the four-day day trading, diesel may see its prices rise by P0.20 to P0.40 per liter and kerosene by P0.35 to P0.50 per liter.

The source also told the Standard gasoline prices may be rolled back by P0.10 per liter or stay the same.

Department of Energy (DOE) director Rodela Romero said the latest oil price movement is influenced by reports of further supply cuts in the Organization of the Petroleum Exporting Counties and its allies (OPEC+) production to be announced in their output policy meeting late this month.

Romero also cited the increase and build up in weekly US crude inventories which pushed prices upwards.