Fuel prices seen to rollback next week

Motorists should expect pump prices to go down further in the coming week.

Citing industry estimates, based on international trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the price per liter of gasoline may have no adjustment or could be rolled back by P0.30.

For diesel and kerosene, a price decrease of P0.20 to P0.50 per liter and P0.10 to P0.25 per liter, respectively, could be implemented next week.

The Energy official cited the following factors which influenced the estimated adjustments in fuel products:

• Saudi Aramco, world’s leading oil exporter, announced last Wednesday that they will increase prices on buyers in Asia for March delivery amid rising demand from China and India as US sanctions disrupt Russian supply
• OPEC production declined in January amid lower output from Iran and Nigeria
• Market digested US President Donald Trump’s planned imposition of tariffs on Canada, Mexico and China

Fuel firms announce official price adjustments every Monday, which will be implemented on the following day.

On Tuesday, oil companies hiked the price per liter of gasoline by P0.70 and rolled back those of diesel by P1.15 and kerosene by P0.90. —AOL, GMA Integrated News