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Fuel price rollback seen next week

Another round of rollback in the pump prices of petroleum products is expected to greet motorists in the coming week.

Citing oil trading in the last four days (August 8 to 11), an oil industry source told GMA News Online that the price per liter of diesel may be reduced by P1.80 to P2.00.

Gasoline prices, meanwhile, may be slashed between P0.30 and P0.60 per liter.

In an interview on Dobol B TV, Department of Energy (DOE)-Oil Industry Management Bureau Director Rodela Romero confirmed that based on the four-day trading there might be an expected price rollback on petroleum products.

For gasoline, Romero said the expected price decrease would be less than P1 per liter, while for diesel the price reduction would be more than P1 per liter.

Oil companies usually announce price adjustment every Monday, to be implemented on the following day.

Effective August 9, Tuesday, fuel firms slashed pump prices of gasoline by P2.10 per liter and diesel by P2.20 per liter, bringing the year-to-date adjustments to stand at a net increase of P17.55 per liter for gasoline and P30.15 per liter for diesel.

Data from the DOE showed the price per liter of gasoline prices range from P65.05 to P75.76 per liter in Quezon City —Metro Manila’s largest city— while diesel prices range between P70.40 and P77.15 per liter in Manila —the Philippines’ capital city.—AOL, GMA News