FUEL prices are heading in opposite directions next week with diesel and kerosene expected to climb and gasoline may stay flat or dip, reflecting recent fluctuations in global oil markets.

Industry analysts predict that diesel could rise by P0.80 to P1 per liter, and kerosene by around P1.35 per liter. Gasoline, meanwhile, may either remain unchanged or drop by P0.10 per liter.

“Crude oil prices exhibited mixed movements over the past four days due to the following drivers: supply, demand and geopolitics,” said Rodela Romero, assistant director at the Department of Energy in a Philstar report.

Romero explained that global oil markets are currently oversupplied, with OPEC+ signaling that key economic indicators are softening across major economies.

She added that prices have also seen a modest rebound due to escalating geopolitical tensions, including sanctions on Russia, Iran, and Venezuela.

Jetti Petroleum president Leo Bellas said the latest US sanctions on Russian oil majors Lukoil and Rosneft could “influence the movement of prices in the coming trading sessions.” He noted that these sanctions are likely to impact international oil supply and market sentiment in the near term.

The Department of Energy will announce the official pump price adjustments on Monday, with the new rates taking effect the following day.

Last week, oil companies increased gasoline and diesel prices by P1.20 per liter, while kerosene prices remained frozen.(MyTVCebu)

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