A POSSIBLE mixed movement in the prices of petroleum products is expected to be implemented next week, according to the Department of Energy – Oil Industry Management Bureau (DOE-OIMB) yesterday.
DOE-OIMB assistant director Rodela Romero said the following are the possible adjustments in the prices of oil products:
* gasoline – increase of up to P0.40
* diesel – rollback of P0.20 to increase of P0.30
* kerosene –rollback of P0.10
Romero said the possible hike of pump prices is attributed to the potential new United States sanctions on Russia overshadowing the anticipated OPEC+ production hike.
The possible increase in prices on petroleum products is also due to the easing of United States-European Union tariff concerns as well as the rising geopolitical tensions in oil-producing countries.
Meanwhile, the expected rollback of pump prices is attributed to the OPEC+ decision to increase production in July by 411,000 b/d.
The possible decrease of prices on petroleum products is also due to the economic slowdown, particularly in Asia, and the shifting energy priorities in countries like India.
Oil companies announce official price adjustments every Monday, to be implemented on the following day. (GMA Integrated News)
