Minimal fuel price adjustments seen next week

MANILA, Philippines — Minimal adjustments of less than P1 per liter are seen for pump prices next week, but forecasts are still mixed, awaiting the final trading day.

Department of Energy (DOE)-Oil Industry Management Bureau director Rino Abad, in an interview with dzBB yesterday, said that indications for next week’s price adjustments are still not clear based on the first four trading days of the week.

Abad said there could be a minimal increase for gasoline and a minimal reduction for diesel and kerosene.

However, the DOE official cautioned that there is also the possibility for diesel to see a slight upward adjustment, depending on the outcome of the final trading day.

The estimated adjustments, both for the potential increases and rollbacks, would be at the range of around P0.50 per liter, he said.

An oil industry source, meanwhile, estimates an increase for both diesel and gasoline by not more than P0.50 per liter for next week.

The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.

Last Tuesday, oil firms reduced diesel prices by P2.80 per liter, kerosene by P2.10 per liter and gasoline by P0.75 per liter, ending three consecutive weeks of increases for gasoline and kerosene, while also preventing two straight weeks of price hike for diesel.

DOE data showed that total year-to-date adjustments stand at a net increase of P2.15 per liter for gasoline and P0.95 per liter for kerosene and a net decrease of P0.70 per liter for diesel.