Pump prices seen to fluctuate due to external factors
September 28, 2023 | 12:00am
MANILA, Philippines — Domestic pump prices are expected to fluctuate due to external factors impacting global oil prices, according to Energy Secretary Raphael Lotilla.
While there are indications of another potential price rollback next week based on the first two trading days of the week, Lotilla yesterday cautioned consumers and motorists to manage their expectations.
“Of course, you know that it is volatile and we have to always be ready,” he said. “Prices may fluctuate so we have to manage our expectations that this will continuously go down because there a lot of external factors involved here.”
Lotilla, however, said global oil prices normally increase moving toward the winter months.
“As you know, we are entering winter, and prices of petroleum products usually rise during winter. But let us hope that the external factors like Ukraine and Russia will stabilize,” the energy chief said.
“So we must continue to save on unnecessary trips outside of the house. Let us use mass transport systems so that we can save on these expenses,” he said.
Oil companies last Tuesday reduced prices by P0.20 per liter for both gasoline and diesel and P0.50 per liter for kerosene, ending 11 consecutive weeks of price hikes for diesel and kerosene and 10 straight weeks for gasoline.
DOE-Oil Industry Management Bureau director Rino Abad earlier said oil prices could remain high throughout the year due to supply tightness, as energy supply risk continues to rise notably in the aftermath of Saudi Arabia and Russia’s decision to rollover their voluntary production and export curbs to year-end.
Abad, however, said while pump prices may continue to increase for the remainder of the year, its intensity would not be as strong as what has been seen in recent weeks.