Possible mixed movement in fuel prices next week - DOE

Metro Manila, Philippines - Motorists may see a mixed movement in fuel prices on Tuesday after this week’s huge hike, the Department of Energy (DOE) said.

In a forecast on Friday, May 23, the DOE said gasoline prices may either go lower by P0.15 per liter or higher by up to P0.30 per liter.

Diesel may have no adjustment or may cost P0.40 less per liter.

Oil companies could cut per-liter prices of kerosene by P0.20 to P0.40.

The DOE said the possible downward adjustment may be attributed to the reports of progress in the nuclear deal between the United States and Iran, the “cooling” trade tensions between the US and China, and more crude oil storage capacity from Iran’s key export terminal.

“OPEC (Organization of the Petroleum Exporting Countries) remains optimistic about global oil demand growth despite economic risks,” the DOE said on the possible reason for an upward adjustment.

Companies hiked fuel prices on Tuesday.

Year-to-date, gasoline has a total net increase of P4 per liter, diesel a total net increase of P3.80 per liter, and kerosene a total net decrease of P2.05 per liter.