Mixed movement anew for fuel prices in 1st week of June

Fuel prices will see mixed movement anew in the first week of June, the Department of Energy said Friday.

Assistant Director III Rodela Romero of the Oil Industry Management Bureau said the following price adjustments may be implemented on June 3, based on 4 days of trading at Mean of Platts Singapore.

Gasoline - no adjustment to increase of P0.40

Diesel - rollback of P0.20 or an increase of P0.30

Kerosene - no adjustment or rollback of P0.10 

Factors affecting oil price movement include potential new sanctions on Russia by the United States, the easing of tariff concerns between the US and European Union and increased geopolitical tensions between Ukraine and Russia, Israel and Iran as well as nuclear talks between US and Iran.

An OPEC plan to increase production and an economic slowdown in Asia particularly India are also affecting fuel prices.