Up to P1/liter diesel rollback, over P2/liter hike in gasoline expected next week

Mixed movements in fuel prices are expected to be implemented in the coming week.

Citing full-week Mean of Platts Singapore trading and foreign exchange averages, an oil industry source said the following rates are the estimated adjustments in pump prices:

• Diesel — P0.80 to P1.00 per liter (Rollback)
• Gasoline - P2.00 to P2.20 per liter (Hike)

"Diesel softened on easing supply outlook, supported by stock releases, Chinese exports, and Russian diesel exports," the source said.

"However, Asian gasoline balances remained tight despite the release of Chinese export quotas as higher imported costs of crude weigh on regional refining economics," the source added.

Fuel firms announce official price adjustments every Monday, to be implemented on the following day.

This week, effective October 27, oil companies hiked the prices of diesel and kerosene by P1.20 per liter and P0.50 per liter, respectively.

Gasoline prices, meanwhile, were slashed by P0.30 per liter.

The latest price movements, the 43rd for the year, resulted in a total net increase of P68.55 per liter for gasoline, P65.63 per liter for diesel, and P63.26 per liter for kerosene. — VDV, GMA News