Further price cuts on diesel, kerosene expected week of February 14 

Love isn’t the only thing in the air as price reductions for diesel and kerosene will greet consumers for the week of Valentine’s Day, February 14. 

Motorists are advised of rollbacks for diesel and kerosene this week 

In its weekly report over its Facebook page, fuel price monitor PH Fuel Watch projected a rollback of between Php 2.20 and Php 2.50 per liter of diesel. Kerosene prices will also reportedly drop by a minimum of Php 2.35 to Php 2.65 per liter.

Meanwhile, gasoline will have a negligible price slash of between Php 0.05 and Php 0.15 per liter, raising the likelihood that there will be no price change for the fuel at the pumps. In fact, gasoline prices could even rise by as much as Php 3.00 per liter. 

Data from the Department of Energy (DOE) show net increases of Php 5.10 for every liter of gasoline, Php 0.05 per liter for diesel, and Php 2.25 per liter of kerosene since the start of 2023.  

Oil prices continue to fall as China's economic activity has yet to pick up  

The downward trend in pump prices has been attributed to increasing oil inventory in the U.S. and the interest hike enforcement by the U.S. Federal Reserve. China also contributed to the price drop, given its lower-than-expected industrial activity hounded by fears of an economic recession. 

However, industry observers warn that oil prices may start going up again soon, as Russia announced it will be cutting oil production by 500,000 barrels per day. This was a result of price caps imposed by European countries as sanctions over the country’s invasion of Ukraine in February 2022. 

Sanctions faced by Iran's petroleum industry could drive world oil prices higher 

That news reversed global trading prices as of Friday, February 10, with futures contract prices of international benchmark Brent crude reaching $86 (Php 4,700) per barrel, up from mid-$70 (Php 3,831) in previous weeks. 

Other factors that can potentially influence oil prices in the coming days are the forthcoming presidential elections in oil-exporting Nigeria, along with new sanctions on Iran’s production base in Malaysia and Singapore amid stalled efforts to revive the Middle Eastern country’s 2015 nuclear deal with the world powers led by the United States.   

We keep fuel price news flowing at Philkotse.com.