Gasoline down P3/liter; diesel by P1.70/liter next week –industry source

After two straight weeks of hikes, motorists can breathe a sigh of relief as petroleum pump prices are expected to be rolled back in the coming week.

Citing oil trading in the past five days, an oil industry source told GMA News Online that the price per liter of diesel may be slashed by P1.70 to P2.00 per liter.

Gasoline prices, meanwhile, may roll back between P3.00 and P3.30 per liter.

Likewise, in its fuel price forecast for the September 6 to 12 trading week, Unioil said diesel prices may decrease by P1.50 to P1.70 per liter and gasoline prices may be reduced by P2.50 to P2.70 per liter.

Sought for comment, Department of Energy-Oil Industry Management Bureau Director Rino Abad said the following are the estimated pump price decreases to be implemented next week:

• Gasoline down by P2.87 per liter
• Diesel down by P1.82 per liter
• Kerosene down by P1.80 per liter

Abad attributed the expected fuel price rollback next week to the COVID-19 lockdown measures in China and the hawkish statements of the United States and European central banks signaling more aggressive interest rate hikes to temper inflation —events that could dampen demand for fuel and therefore bring down prices.

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

Last Tuesday, August 30, fuel firms implemented a per-liter price hike on gasoline by P1.40 and P6.10 for both diesel and kerosene. https://www.gmanetwork.com/news/money/companies/843059/gasoline-up-p1-40-liter-diesel-and-kerosene-by-p6-10-liter-tuesday/story/

The latest price increases brought the year-to-date price adjustments to stand at a net increase of P19.55 per liter for gasoline, P37.80 per liter for diesel, and P33.20 per liter for kerosene.

DOE data from August 30 to September 1 showed the price per liter of gasoline range from P66.35 to P77,35 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P79.95 to P84.60 in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P83.71 to P84.32 per liter. — DVM, GMA News