THE Department of Energy's (DOE) Oil Industry Management Bureau said over the weekend that fuel prices may increase or go down starting October 29, 2024, based on movements in international trading of oil.
The DOE said in its projection that gasoline may be rolled back P0.20 per liter or may increase of P0.20 per liter; diesel may be cut by P0.10 per liter or go up P0.30 per liter; while kerosene maybe slashed by P0.20 to P0.30 per liter.
The DOE Oil Industry Management Bureau Assistant Director Rodela Romero said the fuel price movements have been based on fuel trading from October 21 to 24, coupled with oil-related developments in China, US and the Middle East.
Romero added that the projected pump price rollback is due to the weaker demand in China, a build-up in US stocks and positive outcome from the resumption of the ceasefire between Israel and Hamas in the Middle East.
The possible price hike would be triggered by the increase in demand for diesel in South Korea that would affect oil markets in Asia.
The price adjustments will be announced on Monday, October 28 and implemented the following day by oil firms in the country.
Last week, fuel firms cut the prices per liter of gasoline by P0.50, diesel by P0.70, and kerosene by P0.85.