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Manila Bulletin devider Business devider Fuel price outlook: Gasoline up, diesel down in early February

Fuel price outlook: Gasoline up, diesel down in early February

Published Jan 31, 2025 02:10 am

Motorists face a mixed fuel price adjustment in the first week of February, as gasoline is projected to increase while diesel and kerosene are forecast to decrease.

Based on the four-day trading Means of Platts Singapore (MOPS) and the effects of the Lunar New Year festivities, gasoline may increase by between P0.40 and P0.70, while diesel may see a P1.10 to P1.60 reduction.

Kerosene is also expected to decrease by P0.85 to P1.

Analysts said the recent Chinese New Year may cause an increase in pump prices, as China is one of the primary sources of gasoline in the Philippines.

The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB), meanwhile, attributed the price movements to calls for lower oil prices and increased production by OPEC members.

“United States President [redacted] called for lower oil prices and higher output in the US and other major suppliers, including OPEC,” said Rodela Romero, OIMB Director.

Despite this request, the OPEC+ Joint Ministerial Monitoring Committee may still evaluate the oil market by February 3.

Analysts have also noted that the potential tariffs proposed by the US on Canada and Mexico could put a strain on oil prices.

“[There are] worries that the tariffs proposed by [redacted] could further pressure economic growth and energy demand,” said Leo Bellas, Jetti Petroleum president.

On the other hand, diesel may enter another round of price rollbacks due to higher diesel output from India and China.

Meanwhile, the week-on-week Dubai crude prices have dropped by nearly $0.60 per barrel from January 20 to 24.

The global cost for gasoline decreased by $2.60, diesel was also down by $21.70, and kerosene declined by $1.30 per barrel.

In other news, consumers may need to tighten their belts as the upcoming month anticipates a slight price increase of liquefied petroleum gas (LPG) in February.

Petron Corporation announced that LPG prices will increase by P0.70 per kilogram, which is marginally lower than the increase from last month at P0.90 per kilo.

This would also mean a P7.7 increase in an 11–kilogram cylinder. 

According to Petron, the price adjustment reflects this month’s international pricing for LPG.

Related Tags

Diesel Kerosene prices Oil prices Gasoline prices LPG prices
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