Diesel prices seen to go down by around P4/liter, gasoline by over P1/liter

Motorists shall expect heftier cuts in pump prices of fuel products in the coming week, according to an oil industry source.

Citing oil trading in the past five days (November 21 to 25), an oil industry source told GMA News Online that the price per liter of diesel may go down by P3.90 to P4.20.

Gasoline prices, meanwhile, may be slashed by P1.20 to P1.50 per liter.

The latest pump price projects are higher than the estimates released on Friday, which was based on the four-day trading. 

In an interview on PTV on Friday, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero confirmed that there will be a big-time rollback in the prices of all petroleum products next week.

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. —KG, GMA Integrated News