Up to P5.50/liter rollback on gasoline seen next week

Motorists may expect a sigh of relief in the coming week amid an expected pump price rollback.

Citing estimates based on full-week Mean of Platts Singapore trading and foreign exchange averages, an oil industry source said the price per liter of gasoline might be slashed by P5.30 to P5.50.

Diesel prices, meanwhile, may not change or may increase by P0.20 per liter.

“Gasoline further eased due to softening demand and improving product availability in Asia. The larger-than-expected US gasoline inventory, indicating weaker demand, further added bearish pressure on prices,” the source said.

“The planned emergency stock releases by IEA member countries, US-Russia diesel agreement, and China’s re-authorization of refined product exports in October have collectively provided near-term relief to diesel,” the source added.

Oil companies announce official price movements every Monday, to be implemented on the following day.

This week, oil companies slashed diesel prices by P3.01 per liter. Meanwhile, gasoline and kerosene prices increased by P1.56 per liter and P1.77 per liter, respectively. —VAL, GMA News