Fuel price rollback seen next week –oil industry source

After several hikes, motorists can expect a breather in the coming week as pump prices of petroleum products are seen to be rolled back.

Citing oil trading in the past four days (February 20 to 23), an oil industry source told GMA News Online that the price per liter of diesel may be slashed by P1.40 to P1.70.

Gasoline prices, meanwhile, may be reduced by P0.70 to P1.00 per liter.

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

Effective Tuesday, February 21, fuel firms hiked the prices per liter of gasoline by P0.90, diesel by P1.05, while kerosene was rolled back by P0.25.

The latest price movements resulted in a total net decrease this year to stand at P1.10 per liter for diesel and kerosene at P0.50 per liter.

For gasoline, the year-to-date adjustment was at a net increase of P6.00 per liter.

Data from the Department of Energys’ (DOE) price monitoring from February 14 to 16 showed the price per liter of gasoline ranged from P59.40 to P67.95 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P58.45 to P67.85 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P71.56 to P77.50 per liter. — DVM, GMA Integrated News