DOE sees mixed movements of fuel prices

Pump prices of petroleum products are expected to have mixed movements next week due mainly to voluntary production cuts by major oil exporters, the Department of Energy (DOE) said on Friday. Based on the first four days of trading in the global market, Rodela Romero, director of the DOE Oil Industry Management Bureau, said the price of gasoline was expected to decline by P1.60 to P1.90 per liter. In contrast, the price of diesel may increase by up to 20 centavos per liter. A rollback by up to 60 centavos per liter is projected for kerosene. “Prices are still volatile and we need to manage our expectations,” Romero said. —Meg J. Adonis