Diesel rollback of P26/liter, gasoline by P3.50/liter seen next week

Another major cut in pump prices would greet motorists in the coming week.

Citing the full-week Mean of Platts Singapore (MOPS) and foreign exchange averages, an oil industry source said that a possible rollback for both diesel and gasoline prices should be expected next week.

The estimated reductions in the retail prices of petroleum products are as follows:

• Diesel - P24.00 to P26.00 per liter
• Gasoline - P2.50 to P3.50 per liter

MOPS is the average of daily price assessments for refined petroleum products (like gasoline and diesel) traded in Singapore, which acts as the regional hub for Asian oil trading.

As early as Wednesday, the Department of Energy (DOE) indicated that another round of pump price rollbacks could occur next week.

The anticipated big-time rollback in pump prices was attributed to the “further unwinding of the war premium on prices because of the easing of tensions in the Middle East… as so far, the ceasefire is holding,” according to the industry source.

The Department of Energy (DOE), as early as Wednesday, said that another round of pump price rollbacks may be expected next week.

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

This week, effective April 14, oil companies slashed the per-liter prices of gasoline, ranging from P4.00 to P6.50 per liter, while diesel and kerosene prices were reduced by P20.00 to P23.00 per liter and P8.50 to P11.50 per liter, respectively.

The latest price adjustment was the 15th movement for this year, which resulted in a total net increase of P50.20 per liter for gasoline, P89.85 per liter for diesel, and P78.70 per liter for kerosene. —VAL, GMA News