Mixed movements in fuel prices expected next week

Metro Manila, Philippines - Motorists can expect mixed fuel price adjustments next week Tuesday, November 5 following this week’s price hike.

According to the Department of Energy (DOE), gasoline prices may slightly decrease by P0.40/L to P0.70/L, while diesel prices may also see a rollback by P0.20/L, although there's a chance of no movement.

Kerosene prices may increase by P0.10/L to P0.20/L.

The DOE attributed these adjustments to several factors affecting global oil prices.

The potential increase in kerosene prices is driven by rising optimism over U.S. fuel demand and a drop in crude and gasoline inventories.

Additionally, the recent retaliatory attacks by Israel on Iran's military sites, though avoiding oil infrastructure, have contributed to heightened geopolitical uncertainties that are pushing oil prices higher.

Tighter regional supplies in Asia for gasoil and jet fuel or kerosene are also adding to the upward pressure on kerosene prices.

On the other hand, the possible rollbacks in gasoline and diesel prices are influenced by efforts to ease tensions in the Middle East.

Israel's Prime Minister is expected to call a meeting aimed at seeking a diplomatic solution to the war in Lebanon.