Over P1 per liter rollback in fuel prices seen next week

Motorists would be greeted with a big-time reduction in the prices of petroleum products in the coming week.

“Based on the four-day trading in MOPS (Mean of Platts Singapore), we will be experiencing a rollback in the prices of petroleum products by next week,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said.

The estimated range of downward adjustments in fuel pump prices are as follows:

• Gasoline - P1.40 to P1.70 per liter
• Diesel - P0.90 to P1.20 per liter
• Kerosene - P1.50 to P1.70 per liter

The Energy official attributed the anticipated rollback in fuel prices on the following global developments:

• Build-up of commercial crude oil stockpiles of US
• OPEC+ plans to increase their outputs by April
• US trade tariffs on Canada, China, and Mexico that broaden trade conflicts

Fuel firms announce the official per liter price adjustments every Monday, to be implemented on the following day.

Effective Tuesday, March 4, oil companies slashed the prices per liter of gasoline by P0.90, diesel by P0.80, and kerosene by P1.40. --VAL, GMA Integrated News