Gasoline and diesel prices are expected to increase next week, while kerosene could either rise or drop slightly, according to the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) on Friday.
DOE-OIMB assistant director Rodela Romero outlined the potential price changes for oil products:
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Gasoline: Increase of P0.30 to P0.70
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Diesel: Increase of P0.20 to P0.60
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Kerosene: No change, or an increase/decrease of P0.20
Romero explained that the anticipated price adjustments are due to several factors, including:
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U.S. President Donald Trump’s announcement of reciprocal tariffs on trading partners such as the EU, China, and South Korea, raising concerns about a potential global trade war that could reduce crude demand.
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A slight dip in oil prices as fears over the trade war’s effect on global growth outweighed concerns about supply disruptions, particularly in response to U.S. threats of imposing secondary tariffs on Russian crude.
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China’s refineries expected a decline in output in March and April due to the peak maintenance season.
Final adjustments to pump prices will be made after Friday’s last trading day, Romero noted.
