Fuel price rollback seen next week —oil industry sources

After two straight weeks of hikes, the pump price of petroleum products are expected to roll back next week, according to oil industry sources.

Citing oil trading in the past four days (October 17 to 20), an oil industry source told GMA News Online that the price per liter of diesel may go down by P0.40 to P0.70.

Gasoline prices, meanwhile, may be slashed by P0.20 to P0.50 per liter.

In an interview on Super Radyo dzBB, Oil Industry Management Bureau (OIMB) Director Rino Abad said, “Mataas ang indikasyon na magkaka-rollback [next] week (There is a high indication of a rollback next week).”

Abad said the expected price reduction on fuel products will be less than P1 per liter.

The OIMB official said the global market doubted that the Organization of Petroleum Exporting Countries (OPEC) will be able to cut oil production by 2 million barrels next month.

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

Effective Tuesday, October 18, fuel firms implemented a per liter increase in gasoline by P0.80, diesel by P2.70 and P2.90 for kerosene. 

The latest price movements brought the year-to-date adjustments to stand at a net increase of P16.45 per liter for gasoline, P38.50 per liter for diesel, and P29.65 per liter for kerosene.

Data from the Department of Energy’s price monitoring, as of October 18 to 20, showed the price per liter of gasoline range from P62.05 to P73.05 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P77.50 to P83.80 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P80.15 to P89.40 per liter. —LBG, GMA News