AFTER a round of price hikes, motorists can expect a sigh of relief this week as fuel pump prices are expected to be rolled back, according to local oil industry sources.
“Based on the four-day trading, there will be a rollback on the prices of petroleum products,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said.
Citing industry estimates, Romero said the price per liter of gasoline may be slashed by P0.30 to P0.60 while diesel prices may be reduced by P0.30 to P0.50 per liter.
Kerosene prices are also expected to be cut by P0.40 to P0.60 per liter.
An oil industry source, likewise, said that based on the oil trading on June 12 to 15, diesel prices may be decreased by P0.30 to P0.50 per liter while gasoline may be downwardly adjusted by P0.40 to P0.60 per liter.
“Markets weighed optimism of China’s robust demand data over more US interest rate hikes that [may] temper their energy demand,” Romero said.
Oil companies usually announce price adjustments every Monday, to be implemented on the following day.
Effective Tuesday, June 13, fuel firms implemented a per liter increase of P1.20 for gasoline, P1.40 for diesel and P1.30 for kerosene.
The latest price movements resulted in a year-to-date net decrease for diesel at P3.95 per liter and kerosene at P6.05 per liter. Gasoline, on the other hand, has a year-to-date net increase of P6.70 per liter. (GMA Integrated News)
