Big-time fuel price rollback seen next week

A big-time reduction in fuel pump prices is expected to greet motorists in the coming week, local oil industry sources said Friday

Citing oil trading in the past four days (November 21 to 24), an oil industry source told GMA News Online that the price per liter of diesel may be slashed by P3.70 to P3.90.

Gasoline prices, meanwhile, may be reduced by P1.10 to P1,30 per liter.

Interviewed at the televised public briefing, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero said that based on the four-day oil trading, “May inaasahan tayong rollback sa lahat ng produktong petrolyo.”

(We are expecting a rollback on all petroleum products.)

Romero said that for gasoline, the price reduction may range from P1.00 to P1.20 per liter.

For diesel, she said, the price cut may range between P3.50 and P3.70 per liter while kerosene prices may be rolled back by P2.20 to P2.40 per liter.

The DOE-OIMB official said the amount of price adjustments are still subject to change depending on the results of Friday’s oil trading.

Romero cited the increasing COVID-19 cases in mainland China, higher crude inventory in the United States, and the price cap imposed on Russian crude as the main factors for the anticipated drop in fuel prices.

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

Effective Tuesday, November 22, fuel firms implemented a per liter price reduction in gasoline by P0.40, diesel by P2.15, and kerosene by P2.10.

The latest price adjustment brought the year-to-date adjustment to stand at a net increase of P17.75 per liter for gasoline, P33.85 per liter for diesel, and P27.85 per liter for kerosene. — RSJ, GMA Integrated News