AFTER a round of increase last week, motorists should expect a big-time reduction in pump prices this week.
Citing industry estimates, Department of Energy (DOE)-Oil Industry Management Bureau Assistant Director Rodela Romero on Friday, August 23, said “motorists will experience another rollback in the prices of petroleum products next week.”
The estimated downward adjustments are as follows:
* Diesel – P2 to P2.20 per liter
* Kerosene – P1.90 to P2 per liter
* Gasoline – P1.15 to P1.35 per liter
“Based on the relevant news for this week, poor global demand remains one of the main drivers that makes the market bearish,” Romero said.
“Added to it are the Israel Gaza ceasefire talks that ease supply fears and the production recovery support from Libya’s Sharara Oilfield,” she added.
Fuel firms usually announce the final per liter adjustments in pump prices every Monday, to be implemented on the following day.
Effective Tuesday, August 20, oil companies hiked the per-liter prices of gasoline and kerosene by P1 while diesel prices were increased by P1.20 per liter.
The latest price movements brought the year-to-date total adjustments of gasoline and diesel to stand at a net increase of P8.05 per liter and P5.95 per liter, respectively.
Meanwhile, kerosene has a total year-to-date net decrease of P2.15 per liter. (GMA Integrated News)
