Very minimal adjustments in pump fuel prices seen

Published August 29, 2020, 1:31 PM

by Myrna M. Velasco

Filipino motorists can expect very minimal or even steady fuel prices next week, as world prices have generally remained stable, according to industry sources.

 Initial estimates of the oil companies indicate possible increase in gasoline prices at minimal P0.05 to P0.15 per liter, based on the outcome of trading in the regional market last week.

 In contrast, the calculation for diesel will be a rollback of P0.05 to P0.10 per liter or it may even be steady; and the same goes for kerosene that may also have a price cut of P0.05 to P0.10 per liter.

But the oil firms hinted depending on the dictates of market forces, the consumers may also be spared from prospective adjustments next week if competition will usher in “no price movement” in the fuel commodities.

 The Philippine oil industry is leaning largely on price indices set by the Mean of Platts Singapore (MOPS) as the players’ reference in price fluctuations at the pumps.

 Adjustments are anticipated on Tuesday (September 1), hinging on the weekly routine of the industry when it comes to their price change enforcements.