MOTORISTS should expect a sigh of relief as fuel pump prices are expected to be rolled back in the coming week, local oil industry sources said yesterday.
Citing data from international oil trading in the last four days, Department of Energy (DOE)-Oil Industry Management Bureau assistant director Rodela Romero said the per liter prices of the three main petroleum products are seen to be adjusted downward next week.
Romero said the estimated amount of price reductions are as follows:
* Gasoline – (P0.40 to P0.60/liter)
* Diesel – (P1.00 to P1.30/liter)
* Kerosene – (P0.80 to P1.05/liter)
Likewise, an oil industry source told GMA News Online that the price per liter of diesel may be slashed by P1 to P1.30, while gasoline prices may be decreased by P0.40 to P0.70 per liter.
However, the projected price adjustments “may change as a result of Friday trading,” according to Romero.
The DOE official attributed the expected price rollbacks “on the contained situation of the Israel Hamas war; additional crude production outputs from OPEC and US; slowing fuel demand growth due to weakening global economic growth.”
Oil companies usually announce price adjustments every Monday, to be implemented the following day.
Effective Tuesday, Oct. 31, oil firms implemented mixed adjustment on the pump prices of petroleum products.
The prices of kerosene and diesel were by slashed P1.20 and P1.25 per liter, respectively; while the price of gasoline was increased by P0.45 per liter.
The latest price movements resulted in a year-to-date net increase of P14.20 per liter for gasoline, P10.45 per liter for diesel, and P5.04 per liter for kerosene.
In Metro Manila, the prevailing retail prices of gasoline prices range from P58.35 to P76.80 per liter, diesel prices range between P59.00 and P72.05 per liter, while kerosene prices range from P76.25 to P89.39 per liter. (GMA Integrated News)
