Domestic pump prices are forecast to have a mixed price movement next week, the Department of Energy said yesterday.
DOE director Rodela Romero said that based on the four-day trading in the world oil market, gasoline is seen to have a price rollback of P0.20 to P0.45 per liter while kerosene is expected to increase by P0.10 to P0.20 per liter.
Romero said diesel may increase by P0.20 per liter or will be rolled back by P0.10 per liter.
She said the latest price movement was influenced by reports that the Organization of the Petroleum Exporting Countries remains optimistic on oil demand growth despite economic and geopolitical uncertainties.
“This is further complemented by China’s clarification on its stimulus program to bolster growth in its struggling economy and the US inventory draw,” the DOE official said.
On May 14, the oil companies implemented a per liter decrease in gasoline by P2, diesel by P0.50 and kerosene by P0.85.
Year-to-date adjustment of gasoline and diesel stand at a per liter net increase of P7.25 and P4.20, respectively.
Kerosene, on the other hand, has a net decrease of P1.65 per liter.