Diesel prices seen to roll back by over P2/liter, gasoline by at least P0.90/liter next week

After several rounds of mixed adjustments, motorists shall expect a big-time reduction in fuel pump prices in the coming, local oil industry sources said Saturday.

Citing oil trading in the past five days (November 14 to 18), an oil industry source told GMA News Online that the price per liter of diesel may be rolled back by P2.20 to P2.40.

Gasoline prices, likewise, may be slashed by P0.90 to P1.10 per liter.

In its fuel price forecast for November 22 to 28, Unioil Petroleum Philippines said diesel prices may go down by P2.10 to P2.30, while gasoline prices may be reduced by P0.80 to P0.90 per liter.

Oil Industry Management Bureau Director Rino Abad earlier confirmed that there is an expected price rollback “for all products” next week.

Abad cited the weaker demand from top oil importer China amid its rising COVID-19 cases as a factor for the anticipated drop in fuel prices.

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

Effective Tuesday, November 15, 2022, fuel firms implemented a price hike in gasoline by P0.90 per liter and kerosene by P1.35 per liter, while diesel price has been reduced by P0.30 per liter.

The latest price adjustment brought the year-to-date adjustment to stand at a net increase of P18.15 per liter for gasoline, P36.00 per liter for diesel, and P29.95 per liter for kerosene.

Data from the Department of Energy’s price monitoring, as of November 15 to 17, showed the price per liter of gasoline range from P61.50 to P72.85 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P75.10 to P82.09 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P80.46 to P88.00 per liter. —KG, GMA Integrated News