Fuel price rollback expected next week

Motorists should expect a sigh of relief as pump prices are expected to go down in the coming week.

“Based on the four-day trading in MOPS (Mean of Platts Singapore), while cost of doing business by the oil companies and other premiums are not yet included, we will be expecting 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 per-liter price adjustments are as follows:

Gasoline - more or less rollback of P0.30

Diesel - more or less rollback of P1.10

Kerosene - more or less rollback of P0.65

Romero cited the following factors which contributed the to anticipated fuel price movements in the coming week:

• Crude oil continue to look weak due to oversupply coming out of OPEC, Russia and US
• IEA cuts its global oil demand forecast citing concerns about a market surplus
• Oil traders see prices falling as geopolitical ‘risk premium’ dissipates

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

Effective Tuesday, October 14, fuel firms hiked the per liter prices of gasoline by P0.30, while rolling back kerosene by P0.20. There was no change for diesel. —VAL, GMA Integrated News