Photo courtesy of Joan Bondoc/ Philippine News Agency (PNA)
Motorists may face another round of mixed pump price adjustments next week, with gasoline and kerosene likely to go up while diesel may see a rollback, the Department of Energy said Friday.
DOE Oil Industry Management Bureau director Rino Abad said oil prices in the global market had moved unevenly in the past four trading days.
Abad said the market remained uncertain because of changing statements and developments linked to the conflict in the Middle East.
He explained that traders had been unable to sustain either a clear upward or downward price trend because the market continued to react to shifting pronouncements.
The DOE official said price movements could still change depending on Friday’s trading, the final trading day used in computing next week’s pump price adjustments.
Oil companies are expected to announce the final price changes on Monday, June 15.
The adjustments will take effect on Tuesday, June 16, following the usual weekly price-setting schedule of fuel firms.
This week, oil companies raised the prices of gasoline, diesel, and kerosene after implementing rollbacks the previous week. The latest volatility came as the United States and Iran traded attacks, with US President Donald Trump warning of possible further strikes if no peace agreement was reached.
