Petroleum products are anticipated to fluctuate in price in the upcoming week.
According to another industry source, the same trend might result in an increase of P0.90 per liter for gasoline and a decrease of P0.10 per liter for diesel, based on trade during the previous four days.
Another industry source said that the running trend, based on the trading in the past four days, could lead to an increase of P0.90 per liter for gasoline and a reduction of P0.10 per liter for diesel.
Oil companies often announce price changes every Monday that will take effect the following day.
Fuel companies increased the price of gasoline, diesel, and kerosene by P1.90, P2.10, and P1.80 per liter, respectively, as of Tuesday, July 18.
With the most recent price changes, diesel and kerosene have seen net annual decreases of P0.85 and P3.70, respectively.
Meanwhile, the price of gasoline has increased by P7.55 a liter on a net annual basis.
In a previous report, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Director Rino Abad said that there is an ongoing daily production shortage of around one million barrels per day in countries that are members of the Organization of the Petroleum Exporting Countries Plus (OPEC+).
As a result, the OPEC+ countries refuse to supplement their oil supplies amid pressure from the United States, Japan, India, and other International Energy Agency member countries.
Considering that supply is already coming from the existing stored inventory, that there is insufficient daily production, and the ongoing conflict in Russia, Abad said that the oil price is currently experiencing premiums.
