The Department of Energy (DOE) has released estimated fuel price movements for next week based on four days of market trading. Prices for diesel are expected to decrease along with kerosene, while gasoline prices will continue to hike.
Assuming that the market holds coming into next week, diesel will experience a P9 per liter rollback, but gas will see a P1.60-P1.70 per liter hike. Kerosene prices will also drop by P12 per liter.
These estimates were computed by the DOE based on the Mean of Platts Singapore. The final price adjustment to be applied next Tuesday, May 12, will still be affected by the final day of market trading today.
Current prices at the pump have diesel ranging from P79.62 to P102.16 and gasoline around P73.21 to P96.53, also according to the DOE. As it stands, diesel could once again become cheaper than gasoline based on the estimated price movements.
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Speaking with DZMM Teleradyo, DOE Oil Industry Management Bureau director Rino Abad speculated that higher demand for gasoline over diesel could be driving prices up.
In other news, the latest DOE update on the country’s fuel supply indicated more than 53 days of stock on average across all fuel types. Gasoline and diesel have over 52 and 54 days worth of supply respectively.
