Oil prices to see mixed adjustment

After a week of rollbacks, fuel prices at local pumps are expected to see mixed adjustments next week, with gasoline prices rising while diesel and kerosene decline.

In a text message on Friday, Department of Energy (DOE) Oil Industry Management Bureau Director Rodela Romero said that based on four days of trading in the Mean of Platts Singapore (MOPS), gasoline prices may increase by P0.40 to P0.70 per liter, while diesel could drop by P1.30 to P1.60 per liter and kerosene by P0.85 to P1.00 per liter.

Jetti Petroleum President Leo Bellas provided a similar outlook, projecting a P0.50 to P0.70 per liter increase for gasoline and a P1.10 to P1.30 per liter decrease for diesel.

The price movements are driven by uncertainties over United States (US) tariffs on Canada and Mexico, higher diesel exports from India and China, and a seasonal boost in gasoline demand due to peak Lunar New Year travel.

Market sentiment has also been affected by US President Donald Trump’s push for lower oil prices, increased production from major suppliers, including OPEC, and a buildup in US crude inventories.

The OPEC+ Joint Ministerial Monitoring Committee will meet on 3 February to reassess the global oil market.

This week, fuel retailers rolled back prices by P0.80 per liter for gasoline, P0.20 per liter for diesel, and P0.50 per liter for kerosene. This marks the fourth price adjustment for the year.

To date, gasoline has seen a total net increase of P2.65 per liter, diesel has risen by P4.80 per liter, and kerosene has gone up by P3.80 per liter.