Mixed oil price movement next week
Abad said the two straight weeks of oil price reduction was due to the projected lower demand due to the looming round of interest hike by the United States and Europe.
Daily TribuneAbad said the two straight weeks of oil price reduction was due to the projected lower demand due to the looming round of interest hike by the United States and Europe.
Motorists should expect a mixed movement of oil prices next week — with diesel prices projected to decline while gasoline costs slightly inch up as the supply and demand situation changes.
Based on the oil trading data from Monday to Thursday, an industry source told the Daily Tribune on Saturday that diesel prices are poised to go down by around P2.80 to P3.10 per liter, while gasoline prices will inch up by around P0.30 to P0.60 per liter.
The source, however, noted that the final price adjustment forecasts are still subject to change as they did not include the oil trading data on Friday.
In a radio interview on Friday, Atty. Rino Abad of the Department of Energy-Oil Industry Management Bureau confirmed the mixed price adjustment, which he attributed to the increasing demand in the world market.
In separate advisories on Monday, oil companies announced that gasoline prices will be slashed by P0.40 per liter, diesel by P1.45 per liter, and kerosene prices by P1.70 per liter.
Abad said the two straight weeks of oil price reduction was due to the projected lower demand due to the looming round of interest hike by the United States and Europe.
He noted the "very minimal impact" of the production cut by the Organization of the Petroleum Exporting Countries for October also contributed to the decline.
The DoE data showed that the price reduction brought the year-to-date adjustment of gasoline to P16.50 per liter, diesel to P34.80 per liter, and kerosene to P29.90 per liter.
