Mixed fuel price changes set next week

National

GOOD news or bad news? That depends on the fuel you use, as pump prices are expected to move in opposite directions next week.

The Department of Energy (DOE) disclosed that based on four days of global oil trading, gasoline prices may either drop by P0.15 per liter or rise by up to P0.30 per liter.

For diesel, motorists could see a rollback of around P0.40 per liter or no change at all. Kerosene prices are also expected to go down, likely between P0.20 and P0.40 per liter.

Rodela Romero, assistant director of the DOE’s Oil Industry Management Bureau, said the possible rollbacks are being driven by several international developments, including “progress in nuclear talks between the US and Iran.”

She added that easing trade tensions between the US and China, as well as increased crude oil storage capacity at Iran’s export terminal, also contributed to downward pressure on prices.

However, Romero noted that some upward adjustments may still occur due to OPEC’s positive outlook, saying the group remains confident in “global oil demand despite economic risks.”

Final price adjustments will be confirmed after Friday’s trading session. Official announcements are set for Monday, with changes taking effect the next day.

Oil companies raised prices last Tuesday, increasing diesel by P1.70 per liter and gasoline and kerosene by P1.20 per liter.(MyTVCebu)