Consumers can expect a big-time price rollback of as much as P2.20 per liter next week to reflect the movement of oil prices in the world market.
“Based on the 4-day trading, motorists will experience another rollback in the prices of petroleum products next week,” Department of Energy director for the oil industry management bureau Rodela Romero said Friday.
The oil firms are expected to cut pump prices by P1.15 to P1.35 per liter for gasoline, P2 to P2.20 per liter for diesel and P1.90 to P2 per liter for kerosene.
“Based on the relevant news for this week, poor global demand remains one of the main drivers that makes the market bearish. Added to it are the Israel Gaza ceasefire talks that eases supply fears and the production recovery support from Libya’s Sharara Oilfield,” Romero said.
On August 20, the oil companies implemented an increase of P1 per liter for gasoline and kerosene while diesel increased by P1.20 per liter.
Year-to-date total adjustment of gasoline and diesel stands at a net increase of P8.05 per liter and P5.95 per liter, respectively. On the other hand, kerosene has a total net decrease of P2.15 per liter.
Prevailing prices of petroleum products in the National Capital Region as of August 20 to 26 based on DOE data showed that gasoline sells from P52.70 to P86.52 per liter, diesel from P49.80 per liter to P73.44 per liter and kerosene from P70.49 to P83.70 per liter.
Prices vary depending on the brand, location of the station, market forces, among others.
