Gasoline, kerosene prices seen up; diesel down next week - GMA Network

Gasoline and kerosene prices may increase, while diesel prices could see a rollback next week based on the latest movement in international oil prices, the Department of Energy (DOE) said Friday.

Abad said the figures were based on the average movement in the international oil market over the past four trading days.

He said the figures remain estimates and could still change depending on developments in the international market and global geopolitical situation.

Abad also warned of possible pressure on fuel prices following China’s announcement that it would temporarily stop exporting refined petroleum products to Asia-Pacific buyers.

An oil industry source, meanwhile, said that based on Mean of Platts Singapore trading and foreign exchange averages in the past four days, diesel prices might go down by P0.50 to P0.80 per liter, while gasoline might go up by P1.50 to P1.80 per liter.

“Lingering supply stability concerns have resulted to oil’s volatile movement this week, with prices pressured as supply from the Middle East rebounded, while stalled US-Iran peace talks and fresh attacks in the Strait of Hormuz caused prices to rise due to disruption worries,” the industry source said.

The source added that prices jumped recently on fears of worsening global product shortages following China’s suspension of exports beyond Hong Kong and Macau, further adding pressure to product markets that is already strained by refinery damage in the Middle East and Russia.

“Oil surged further following reports of more US troops movement to the Middle East and resumption of attacks on Iran after the November 3 midterm elections,” the source said. —AOL/ VAL, GMA News