Expect gas price hike, diesel rollback next week

MANILA, Philippines — Gasoline prices are expected to increase, while diesel and kerosene costs are seen further declining in the first week of February.

The Department of Energy (DOE) has indicated a potential hike of P0.40 to P0.70 per liter for gasoline, and downward adjustments of P1.30 to P1.60 per liter for diesel and P0.85 to P1 per liter for kerosene.

The estimates were based on the four-day trading in the international oil market, of which two days were holidays.

Oil Industry Management Bureau assistant director Rodela Romero attributed the estimated adjustments to US President Donald Trump’s call for lower oil prices and increased output from the US and other major suppliers, including OPEC.

Also contributing to looming mixed movements is the uncertainty over potential US tariffs on Canada and Mexico, Romero said.

“The OPEC+ joint ministerial monitoring committee, which oversees the group’s crude production agreement, will meet this Feb. 3 to look into the oil market situation again,” the DOE official added.

Yesterday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.

Oil companies rolled back prices of gasoline, diesel and kerosene last Tuesday by P0.80, P0.20 and P0.50 per liter, respectively.