Mixed fuel price movements expected next week
The motoring public may see mixed price movements in petroleum products in the last week of July, industry estimates showed on Friday.
Leo Bellas, president of Jetti Petroleum, said diesel prices may increase by 40 centavos to 60 centavos per liter. Gasoline, meanwhile, may decrease by 10 centavos to 30 centavos a liter.
The Department of Energy (DOE) also said the per-liter prices of gasoline may dip by more or less 10 centavos.
Kerosene and diesel may inch up by more or less 30 centavos and 50 centavos, respectively.
Same reasons cited
“Wild ride in oil prices was largely driven by geopolitical events and uncertainty surrounding US trade policies,” Rodela Romero, assistant director of the DOE-Oil Industry Management Bureau, said in an advisory.
On the potential rollback of gasoline, Bellas said: “Inventory builds at key trading hubs and signs of softening demand have caused prices to weaken.”
He also warned about the impact of the new sanctions imposed by the European Union on Russia amid the latter’s continuous aggression against Ukraine.
“With Russia still a key global supplier of diesel and gasoline, the implications of the new sanctions, if implemented, could be severe,” Bellas said.
This week, fuel retailers made upward adjustments of up to P1.10 per liter in pump prices.
