Domestic pump prices may go up next week by as much as P1.20 per liter for gasoline to reflect the movement of prices in the world market week-on-week.
Industry sources said that based on the four-day trading of the Mean of Platts Singapore, there will be a mixed movement in the prices of petroleum products next week.
The sources said gasoline prices may go up by P1.10 to P1.20 per liter and diesel by P0.10 per liter, while kerosene may go down by P0.10 to P0.30 per liter.
They said the price movement of diesel and kerosene will depend on Friday’s trading movement in the world oil market.
Department of Energy director for Oil Industry Management Bureau Rodela Romero said there are several factors that affected world oil prices this week.
Romero said this included the increase in the US oil demand forecast for the second half of the year and the coming Memorial Day weekend in the US.
She said the decline in the oil supplies coming from Canada and the Organization of the Petroleum Exporting Countries and its allies in recent weeks also influenced prices.
“Drop in WTI [West Texas Intermediate] due to inflation concern but China’s demand alleviates uncertainties, and Iraq’s Kurdistan production continued to drop,” Romero said.
On May 23, the oil companies implemented a per liter increase of P0.80for gasoline and P0.60 for diesel but cut the price of kerosene by P0.10 per liter.
These resulted in a year-to-date net decrease for diesel at P5.05 perliter and kerosene at P6.40 per liter. Gasoline, on the other hand, has a net increase of P5 per liter.