Fuel prices seen shifting after Christmas

Fuel prices are expected to move in mixed directions next week following the Christmas rollbacks, the Department of Energy (DOE) said.

Gasoline prices could drop by around P0.50 per liter, diesel is expected to remain steady, and kerosene may increase by about P0.10 per liter, according to Rodela Romero, director of the DOE Oil Industry Management Bureau.

The estimates, which will be finalized on Monday and implemented the following day, do not include oil companies’ operating costs or other premiums.

“The mixed or slightly downward pressure is attributed to the global oversupply coming from non-OPEC economies like the United States, weak demand due to the winding down of holiday travel and seasonal industrial demand, and the uncertainty of geopolitical tensions in Venezuela, Ukraine, and Russia,” Romero said.

Meanwhile, Jetti Petroleum Inc. president Leo Bellas said global oil prices continue to be influenced by geopolitical developments.

Diesel prices may increase by around P0.30 to P0.50 per liter next week, while gasoline prices could see little movement, ranging from P0.00 to P0.10 per liter.

“Oil prices have been supported by geopolitical developments, as tougher United States sanctions enforcement on Venezuela and intensified attacks by Ukraine on Russian oil infrastructure have raised the risk of supply disruptions,” Bellas said.

This week, gasoline prices went down by P0.80 per liter, diesel by P1.30 per liter, and kerosene by P1.60 per liter.