Diesel price rollback, gasoline hike seen next week

Motorists should expect mixed movements in the pump prices of petroleum products in the coming week.

Citing Mean of Platts Singapore (MOPS) and foreign exchange averages in the past four days, an oil industry source said the following fuel price adjustment could be expected:

• Diesel - P6.00 to P8.00 per liter possible rollback
• Gasoline - P1.00 to P4.00 per liter possible increase

A report by Agence France-Presse said that global oil prices fell more than 5% Thursday on optimism over talks aimed at ending the Middle East war

International benchmark, Brent North Sea crude, shed 5.1% to $96.06 a barrel.

The main US contract, West Texas Intermediate, lost 5.5% to $89.87.

Local fuel retailers announce price adjustments every Monday, to be implemented the following day.

On May 5, oil firms implemented the mandated price adjustments of P2.20 to P2.21 per liter increase for gasoline, P2.60 to P2.6 per liter hike for diesel, and P3.53 per liter rollback for kerosene.

The latest price movement, the 18th for the year, resulted in a total net increase of P46.44 per liter for gasoline, P51.62 per liter for diesel, and P54.46 per liter for kerosene. —AOL, GMA News