Fuel prices seen to roll back next week

Motorists should expect another round of rollback in the prices of petroleum products to be implemented by fuel retailers in the coming week.

Citing industry estimates based on trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said adjustments in the domestic pump prices for next week would be as follows:

• Gasoline - more or less rollback of P0.40 per liter
• Diesel - more or less rollback of P0.50 per liter
• Kerosene - more or less rollback of P0.25 per liter

“These estimates exclude oil company’s operating cost and other premiums,” Romero said.

The DOE official noted that final adjustments would be determined after Friday’s trading.

“Oil prices edged lower this week as markets weighed the possibility of higher Venezuelan crude output, reinforcing expectations of ample global supply amid weak demand. Likewise, traders monitor OPEC+ policy signals and any attempts to bolster the market,” she said.

“These news and events affecting oil supply and price contributed in one way or the other to the MOPS  (Mean of Platts Singapore) trading in the past four days only,” she added.

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

This week, effective Tuesday, January 6, petroleum retailers rolled back prices per liter of gasoline by P0.10 and increased those of diesel by P0.20 and kerosene by P0.10. —VAL, GMA Integrated News