Mixed oil price movement seen in first week of June

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Mark Demayo, ABS-CBN News

MANILA -- Gasoline prices may fall but diesel and kerosene prices may climb in the first week of June, the Department of Energy (DOE) said Friday.

Based on the first four days of trading this week, the DOE said oil prices may change by the following amounts:

Gasoline - P0.60 to P0.90/L decrease
Diesel - P0.40 to P0.60/L increase
Kerosene - P0.75 to P0.90/L increase

The DOE said expectations on OPEC+ decision to continue their production cut, seasonal demand uptick due to coming summer season may affect price movements.

The announcement of the US on the release of millions of barrel of gasoline product from government reserves to lower pump prices is also affecting costs locally, the DOE said.

Oil prices rise as May ends