Fuel prices down by as much as P3 per liter next week

Motorists should expect another sigh of relief in the coming week as pump prices of petroleum products are poised to go down, according to oil industry sources.

Citing data from Mean of Platts Singapore (MOPS) trading in the last four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said that “all rollbacks” will be expected across the three main fuel products.

The price per liter of gasoline may go down by P2.60 to P3.00, while diesel might be slashed by P1.40 to P1.70 per liter.

Kerosene prices are also expected to be reduced by P2.00 to P2.20 per liter.

An oil industry source, likewise, told GMA News Online that gasoline prices may roll back by P3.10 to P3.30 per liter, while diesel may be reduced by P1.70 to P1.90 per liter based on the MOPS trading from October 2 to 5, 2023.

MOPS is the basis for pricing of refined petroleum products in Southeast Asia.

The local oil industry uses MOPS, the daily average of all trading transactions between buyers and sellers of petroleum products as assessed and summarized by Standard and Poor’s Platts.

Romero said the anticipated rollback in fuel pump prices was due to “fears of high interest rates,” which “could reduce demand.”

“Stronger dollar weakens the finances of other nations and the demand too,” she said.

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

Effective Tuesday, October 3, fuel firms implemented a decrease of P2.00 per liter for gasoline and P0.50 per liter for kerosene.

Diesel was hiked by P0.40 per liter.

The latest price adjustments resulted in a year-to-date net increase of P15.30 per liter for gasoline, P13.80 per liter for diesel, and P8.94 per liter for kerosene.

In Metro Manila, gasoline prices range from P60.85 to P81.55 per liter, diesel ranges between P62.50 to P74.15 per liter, while kerosene ranges from P79.75 to P92.09 per liter.—LDF, GMA Integrated News