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Tuesday, July 23, 2024

Oil companies to cut gas prices by up to P2.25/liter next week, DOE says

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Consumers can expect a big-time rollback in domestic pump prices of as much as P2.25 per liter next week amid the softening world oil prices.

Department of Energy (DOE) director for the oil industry management bureau Rodela Romero confirmed the oil price rollback estimates based on the four-day trading.

Oil companies are expected to rollback gasoline prices by P2 to P2.25 per liter, diesel by P0.50 to P0.85 per liter and kerosene by P0.90 to P1 per liter by Tuesday.

This will be the fourth weekly consecutive rollback for diesel and kerosene and the third for gasoline.

Romero said these estimates may change based on the results of the final trading today.

“Oil prices fell in Asian trade as industry data pointed to the sustained increase in US inventories; the strength of dollar that downplayed expectations of lower interest rates this year; and lastly a report from Hamas officials that accepted a new ceasefire proposal for Gaza,” Romero said.

On May 7, 2024, the oil companies implemented a per liter decrease in gasoline by P0.75, diesel by P0.90 and P1.05 for kerosene.

Year-to-date adjustment of gasoline and diesel stand at a per liter net increase of P9.25 per liter and P4.70 per liter, respectively.

Kerosene, on the other hand, has a net decrease of P0.80 per liter.

DOE data showed that pump prices in the National Capital Region ranged from P58 to P88.47 per liter, diesel from P52.90 to P81.40 per liter and kerosene from P72.29 to P84.06 per liter.

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