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Another round of fuel price rollback seen next week

Motorists shall expect another round of reduction in fuel pump prices in the coming week, an official of the Department of Energy (DOE) said Friday.

DOE-Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online that there will be a per liter price rollback across three petroleum products.

The estimated price adjustments are as follows:

  • Diesel - down by P1.00 to P1.20 per liter
  • Gasoline - down by P1.20 to P1.44 per liter
  • Kerosene - down by P1.00 to P1.10 per  liter

Romero said the projected price movements for next week are based on the oil trading in the international market in the past four days.

Likewise, an oil industry source said diesel may be slashed by P1.00 to P1.20 per liter; while gasoline may be reduced by P1.30 to P1.50 per liter.

Romero attributed the expected fuel price rollback to the “deepening concerns of an economic slowdown and a stronger dollar, which outweighed hopes of higher Chinese demand.”

“Oil kept falling in Asia as the outlook for global demand remained in question,” he said.

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

Effective Tuesday, April 25, fuel firms implemented a per liter decrease of P1.40 for gasoline, P0.70 for diesel, and P0.20 for kerosene.

The latest price movements brought the year-to-date price adjustments to stand at a net decrease for diesel at P3.05 per liter and kerosene at P3.55 per liter. Gasoline, meanwhile, saw a net increase of P7.55 per liter since the beginning of the year.

Data from the DOE price monitoring as of April 27 showed the price per liter of gasoline range from P56.95 to P68.65 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P53.41 to P59.95 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P67.55 to P72.20 per liter. —KBK, GMA Integrated News