Domestic fuel prices are projected to see mixed adjustments next week due to ongoing volatility in the global oil market, an official from the Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) stated on Friday.
DOE-OIMB Director Rino Abad explained that global oil prices have lacked a definitive direction over the last four trading days.
He attributed this instability to persistent geopolitical tensions and conflicting statements from leaders involved in the Middle East conflict, noting that Friday’s final trading outcomes could still alter the trend.
Based on market data from the first four days of the week, early projections indicate potential price hikes for gasoline and kerosene, whereas diesel prices may see a minor reduction.
“Hindi mo ma-predict ‘yung galaw nila. Pati ‘yung oil market nalilito kaya hindi sila makadiretso ng increase, hindi rin sila makadiretso ng decrease. Depende sa mga pronouncement, kasi pabago-bago rin,” Abad stated during an interview.
Local oil players generally announce their final fuel price adjustments every Monday, with the updated rates taking effect the following Tuesday morning.
The expected mixed adjustments follow a broad price increase across all petroleum products implemented by oil firms this week, which snapped a previous streak of rollbacks. The global market remains highly unstable as rhetoric escalates between the United States and Iran.
U.S. President Donald Trump has cautioned that additional actions could be taken if a peace agreement fails to materialize, while Iran has renewed its threats to block the Strait of Hormuz, a vital maritime route for international oil transport.