Oil Price Forecast: Diesel Prices May Drop, Gasoline Price to Increase

UPDATE: Gasoline Price Shoots Up This Week; Diesel, Kerosene Prices Down

After a rollback on oil prices last week, diesel prices in the country may decrease further, however, the price of gasoline may skyrocket come Tuesday.

The forecast comes as multiple oil firms released their expected price adjustments for the week, with Unioil publishing an advisory that their diesel price may decrease by PHP2 to PHP2.20 per liter, while a big-time price increase may happen tomorrow for gasoline as prices may increase by a whopping PHP3.80 to PHP4 per liter.

This latest movement of oil prices in the country completely negates the price rollback of gasoline last week as prices in the country were decreased by PHP0.40 per liter while decreasing the price of diesel further as PHP3.10 per liter was slashed off the prices of diesel products last week, and kerosene by PHP2.10 per liter.

According to the Department of Energy’s oil price monitoring, petroleum products in the market are currently selling from as low as PHP68 per liter, to as high as PHP93 per liter.

As of May 17, the year-to-date net increase in the price of gasoline currently stands at P21.60 per liter, diesel at a net increase of P31.40 per liter, and kerosene at a net increase of P27.65 per liter. (GFB)