Impending gas price hike, slashed diesel costs seen
A mixed movement in the prices of petroleum products sold at the pump is expected next week amid many lingering factors in the market, including cuts in production and recession fears.
During a Laging Handa public briefing by the Office of the Press Secretary on Friday, Oil Industry Management Bureau assistant director Rodela Romero said there would be a slight increase in the price of gasoline that will range from P.45 to P1 per liter.
However, the diesel price is expected to be slashed by about P0.60 to P0.75 per liter after sustained increases.
Although minimal, kerosene prices decrease by around P0.75 to P0.85 per liter.
The projections were based on the Monday to Thursday oil trading data monitoring at the Mean of Platts Singapore.
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Since the data did not include Friday's figures, Romero said final oil price adjustments next week are still subject to change.
There are many lingering factors in the market. Some of the reasons for the increase in the price of petroleum products are the winter season and the seasonality of demand, Romero said.
