After a week of rollbacks, fuel prices at local pumps are set to move in different directions this week.
In separate advisories yesterday, fuel companies confirmed that gasoline prices will increase by P0.70 per liter while diesel and kerosene prices will go down by P1.15 per liter and P0.90 per liter, respectively.
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.
Last 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. It marked the fourth price adjustment for the year.
From the start of the year until 28 January, 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.