OIL industry sources said on Friday, March 29, that fuel prices will go in opposite directions next week.

Gasoline prices will have an estimated increase from around P0.30 to P0.60 per liter, while diesel is expected to go down between P0.50 and P0.74 per liter.

As for kerosene, they estimated that prices will have a rollback between P1.00 and P1.07 per liter.

Fuel price projections are based on the recent trading on the Mean of Platts Singapore, a pricing basis for many refined products in southeast Asia.

According to the Department of Energy's Oil Industry Management Bureau, the reason for next week's fuel price movements is mostly due to expectations of rate cuts by the US Federal Reserve; concerns over geopolitical risk as three major refineries and several fuel depots in Russian territory being damaged by drones; and Iraq's announcement to trim crude exports through the end of June.

Last March 26, 2024, local oil companies implemented big price increases for gasoline, diesel, and kerosene by P2.20, P1.40 and P1.30 per liter, respectively.

On a year-to-date basis, prices for gasoline, diesel and kerosene all stand at a per liter net increase of P7.75, P5.10 and P1.05, respectively.