Mixed fuel price changes seen this week
Oil companies are set to implement mixed fuel price adjustments this week, according to industry sources.
In an advisory over the weekend, Jetti Petroleum said the price of diesel is seen to decrease by P1.10 per liter to P1.30 per liter but gasoline is expected to increase by 50 centavos per liter to 70 centavos per liter.
Unioil provided a similar estimate, expecting a decrease in diesel prices by P1.30 to P1.50 per liter and increase in gasoline by 50 to 70 centavos per liter.
The Department of Energy (DOE), meanwhile, estimated an increase of 40 to 70 centavos per liter for gasoline. Diesel is anticipated to decrease by P1.30 to P1.60 per liter and kerosene by 85 centavos to P1 per liter.
The DOE provided the estimated fuel price movement based on the four-day trading in the global oil market.
DOE Oil Industry Management Bureau Director Rodela Romero said the projected mixed adjustment in pump prices is attributed to US President Donald Trump’s call for lower oil prices and higher output in the United States and other major suppliers such as the Organization of the Petroleum Exporting Countries (Opec).
Another factor is the uncertainty over potential US tariffs on Canada and Mexico, she said.
“But the Opec+ Joint Ministerial Monitoring Committee that oversees the group’s crude production agreement will meet this Feb. 3 to look into the oil market situation again,” she added.
Jetti Petroleum president Leo Bellas said besides the looming tariffs proposed by Trump, higher diesel export volumes from India and China weighed on prices.
“Seasonal boost in demand over the peak Lunar New Year travel supported the gasoline price benchmarks,” Bellas said.
