Diesel price seen to roll back, gasoline may hike next week

Motorists shall expect mixed movements in the pump prices of petroleum products in the coming week, according to oil industry sources.

In its fuel forecast for the May 24 to 30 trading week, Unioil Petroleum Philippines said the prices per liter of diesel may roll back by P2.00 to P2.20.

However, gasoline prices may increase by P3.80 to P4.00 per liter.

Likewise, an oil industry source told GMA News Online that diesel prices may be slashed by P2.40 to P2.70 per liter while gasoline prices may be hiked by P4.00 to P4.30 per liter.

Oil companies usually announce price adjustments every Monday to be implemented on the following day.

Effective Tuesday, May 17, fuel firms implemented a reduction in domestic oil prices. Oil companies slashed gasoline by P0.40 per liter and diesel by P3.00 to P3.10 per liter.

Data from the Department of Energy’s oil price monitoring shows that gasoline prices range from P69.55 to P81.95 per liter and diesel prices range between P73.35 and P80.61 per liter in Quezon City, the largest city in the country’s economic capital National Capital Region.

Year-to-date adjustments stand at a net increase of P21.60 per liter for gasoline and P31.40 per liter for diesel. —Ted Cordero/KG, GMA News