Mixed movement at the pumps seen next week

MANILA, Philippines — Mixed price adjustments in pump prices are expected next week following price hikes across all oil products last week.

Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero said a rollback of P0.60 to P0.90 per liter for gasoline could be expected based on the four-day trading this week.

Meanwhile, increases of P0.40 to P0.60 per liter are seen for diesel and P0.75 to P0.90 for kerosene.

Romero said factors for these adjustments include the expectations on OPEC+ decision to continue production cut as well as seasonal demand uptick due to the forthcoming summer season.

She said US announcement of the release of millions of barrels of gasoline product from government reserves is seen to lower pump prices.

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