Mixed movement in fuel prices next week - DOE

Metro Manila, Philippines - The Department of Energy (DOE) said it sees mixed movement in fuel prices in the first week of February.

The DOE said gasoline prices may rise by P0.40 to P0.70 per liter.

Meanwhile, diesel would continue on a downward trend by P1.30 to P1.60, as well as kerosene by P0.85 to P1 per liter.

Fuel prices also declined this week. 

The DOE said the adjustment might be attributed to US President Donald Trump’s call for lower oil prices and higher output in the US and other global producers.

The “build of US inventory” and “uncertainty over potential US tariffs on Canada and Mexico” would also have an impact, it said.

“But the OPEC+ Joint Ministerial Monitoring Committee that oversees the group’s crude production agreement will meet this Feb. 3 to look into the oil market situation again,” the agency also said.

The year-to-date net increase in gasoline stood at P2.65, diesel at P4.80, and kerosene at P3.80.