Fuel price rollback seen next week

Motorists should expect a sigh of relief in the coming week following several weeks of hikes in pump prices.

Citing industry estimates based on international oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the following are the anticipated price adjustments:

Gasoline - more or less rollback of P0.17 per liter 

Diesel - more or less rollback of P0.54 per liter

Kerosene - more or less rollback of P0.47 per liter

The Energy official said relevant news in the international oil market contributed to the forecasted fuel price movements, such as oversupply concerns that global supply could outpace demand growth, increased US inventory, Israel and Hamas agreeing to the first phase of a plan to end the war in Gaza, and the US government shutdown.

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

Effective Tuesday, October 7, petroleum retailers hiked the prices per liter of gasoline by P0.20, diesel by P0.80, and kerosene by P0.20. —VAL, GMA Integrated News