The Department of Energy (DOE) said that consumers can expect a potential gasoline price rollback next week, while diesel prices are likely to increase.
Rino Abad, DOE Oil Industry Management Bureau (OIMB) directo said these contrasting movements are due to various economic factors.
“There’s a chance of a gasoline rollback, the diesel will increase, and kerosene does not have any clear movements as of the moment,” he told Manila Bulletin.
Abad added that the impact of slower economic activity in major consuming countries like the United States and China has influenced the Organization of the Petroleum Exporting Countries (OPEC+) decision on production cuts.
This, in turn, has strained global oil supply, leading to speculation about potential disruptions from the Middle East.
Based on DOE-OIMB projections, gasoline prices are expected to decrease by between P0.50 and P0.70 per liter on Tuesday next week.
Meanwhile, diesel prices are expected to rise by P0.40 to P0.70 per liter. Kerosene prices are projected to increase by P0.15 to P0.35 per liter.