MANILA — Industry sources reported on Friday (31 May 2024) that fuel prices will experience mixed changes next week.
Gasoline prices are expected to decrease by 60 to 90 centavos per liter, while diesel prices are set to increase by 40 to 60 centavos per liter. Additionally, kerosene prices will rise by 75 to 90 centavos per liter.
These projections are based on the four-day trading period of the Mean of Platts Singapore (MOPS), the benchmark for refined goods pricing in Southeast Asia.
The Department of Energy’s Oil Industry Management Bureau (DoE-OIMB) explained that next week’s fuel price movements are influenced by various global oil-related developments.
“Based on the four-day trading in MOPS, mixed movements will be seen in the prices of petroleum products next week, starting Tuesday, June 4, 2024,” stated DoE-OIMB Director Rodela Romero.
“The primary factors include the Organization of the Petroleum Exporting Countries’ decision to maintain production cuts, a slight increase in seasonal demand due to the upcoming summer season, and the U.S. government’s announcement to release millions of barrels of gasoline from reserves to reduce pump prices,” she added.
(Rep. el Amigo/MNM)
