spot_img
29.4 C
Philippines
Sunday, May 26, 2024

Big-time oil price rollback up next week

- Advertisement -

Consumers can expect a big-time rollback of as much as P4 per liter by next week, an official from the Department of Energy said Friday.

Rodela Romero, Department of Energy director for the Oil Industry Management Bureau, said that based on the four-day trading period, the oil firms are expected to cut kerosene prices by P3.80 to P4 per liter, gasoline by P1 to P1.30 per liter, and diesel by P3 to P3.30 per liter.

Romero said the continuing slowdown in demand from China contributed to the forecasted oil price rollback.

A report by Reuters said traders were unfazed by the closure of the Keystone pipeline, which could affect supply.

Reuters said markets are bearish over the economic slowdown, weak demand, and forecasts of more interest hikes.

On December 6, the country’s oil firms cut pump prices by P1.95 per liter for gasoline, P1.90 per liter for diesel, and P1.65 per liter for kerosene.

This is the fourth straight week of reduced gasoline, diesel, and kerosene prices amid the continued softening of world oil prices.

On Nov. 29, local oil firms also cut pump prices. They implemented a price rollback of P3.95 per liter for diesel for the sixth consecutive week and cut the price of gasoline by P0.85 per liter and kerosene by P2.65 per liter.

On Nov. 22, oil companies also posted rollbacks of P0.40 per liter for gasoline, P2.15 for diesel, and P2.10 per liter for kerosene.

On Nov. 15, oil firms also cut diesel prices by P0.30 per liter but raised gasoline by P0.90 per liter and kerosene by P1.35 per liter.

A week earlier, the country’s oil firms cut pump prices by as much as P1.95 per liter effective Tuesday to reflect the movement of prices in the world oil market.

Petron Corp., Chevron Philippines, Phoenix Petroleum Philippines, Seaoil Philippines, PetroGazz, PTT Philippines and Cleanfuel announced their respective price rollbacks, in line with forecasts made late last week.

“Petron will implement the following price rollbacks effective 6 a.m. on Dec 06: P1.95/liter for gasoline; P1.90/li for diesel and P1.65/li for kerosene. These reflect movements in the international oil market,” the company said.

This is the third straight week of reduced gasoline, diesel, and kerosene prices amid the continued softening of world oil prices.

Unioil Petroleum Philippines announced that fuel prices would likely go down next week, December 6 to 12.

“Diesel should go down by P1.90 to P2.00 per liter. Gasoline should go down by P1.80 to P1.90 per liter,” Unioil said in its advisory.

An oil industry source also told the Standard kerosene was slated to slide down by P1.60 per liter.

LATEST NEWS

Popular Articles