Mixed Pump Price Adjustments Expected Next Week, Fuel Companies Say

OIL PRICE UPDATE – Various fuel companies in the country are expecting a mixed pump price adjustment starting next week.

Next week, Filipino motorists can expect changes in fuel prices, with diesel and kerosene likely to decrease while gasoline might surge.

Department of Energy-Oil Industry Management Bureau Director III Rodela Romero stated that by Tuesday (April 23, 2024), there will be a mix of movements in petroleum product prices. “We will experience a mixed movement in the prices of petroleum products by Tuesday next week,” she said.

Gasoline prices are expected to go up by P0.40 to P0.60 per liter, diesel prices may rollback by P0.60 to P0.85 per liter and kerosene prices may go down by .P0.60 to P0.80 per liter. The final oil prices will be determined after Friday’s trading, according to Romero.

Romero clarified that these shifts are caused by the geopolitical issues that are still going on in the Middle East as well as unanticipated declines in gasoline consumption from major economies like the US and China.

“These domestic pump adjustments are attributed to the lingering factors of geopolitical conflict in the Middle East and the unexpected reduction of fuel demand in big economies like China and the US,” Romero said.

She also noted, “However, analysts predict that energy market volatility will persist.”

As of April 16, 2024, the price of gasoline increased by P0.40, kerosene by P0.85, and diesel by P0.95 per liter.

Typically, oil companies announce price adjustments every Monday, to take effect the next day.

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