Gasoline and kerosene prices are seen rising this week as prices in the world market showed volatility due to various factors, industry estimates showed Sunday.
Kerosene prices are expected to increase by P1.30 to P1.50 per liter while gasoline prices could go up by P0.75 to P1 per liter, the second straight week that prices of the latter will rise. Diesel prices, however, are seen falling for a second week in a row by P0.25 to P0.50 per liter, industry sources told the Standard.
They said prices of imported petroleum products spiked in the first three days of trading, then declined on the fourth day due to weaker oil demand in China, fears of a worldwide recession, and lower oil supply.
China earlier reported its highest COVID-19 caseload in six months, and oil demand often factors China’s capacity to manufacture goods.
This in turn has been affected by their strict zero-COVID policies such as lockdowns, quarantines, and mass testing, sources told the Standard.
Almost half of the caseloads came from the manufacturing hub Guangdong province, they noted.
Filipino experts previously warned of gasoline prices usually rising during the winter season, as the Philippines imports its oil supply.