The Department of Energy - Oil Industry Management Bureau (DOE-OIMB) said over the weekend that there will be small adjustments in fuel prices on the first week of June.
Rodela Romero, assistant director III of DOE-OIMB said the mixed price adjustments may be implemented on June 3, based on the days of trading at Mean of Platts Singapore last Friday.
The forecast for gasoline is P0 to P0.40 per liter increase while diesel may be rolled back by P0.20 or increase by P0.30 per liter.
The price of kerosene may stay as is or decrease by P0.10.
Last week, fuel firms increased the price of gasoline by P0.10 per liter while the prices of diesel and kerosene were slashed by P0.20 and P0.40 respectively.
Factors affecting the possible mixed price adjustments are the potential new US sanctions on Russia, the easing of US-European Union tariff, and the rising geopolitical tensions in oil-producing countries that may drive prices up, the agency stated.
The possible rollback, on the other hand, can be attributed to the Organization of the Petroleum Exporting Countries decision to increase production in July by 411,000 barrels per day, and the economic slowdown in Asia.
The possible decrease of prices on petroleum products is also due to the economic slowdown, particularly in Asia, and the shifting energy priorities in countries like India.