Fuel price rollback expected next week

After a series of increases, local oil industry sources said Friday that they expected a rollback in petroleum product prices in the coming week.

In an interview on Super Radyo dzBB, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Director Rino Abad said there was an expected decrease in the per liter prices of diesel, kerosene, and gasoline.

“Lahat ng products nakaambang magkaroon ng decrease (All products are expected to have a price decrease),” Abad said.

For diesel and kerosene, Abad said the expected price reduction is over P1.50 per liter, while for gasoline, the projected decrease is not over P0.50 per liter.

Based oil trading in the past four days, an oil industry source told GMA News Online that the price per liter of diesel may be slashed by P2.10 to P2.40.

Gasoline, meanwhile, may go down by P0.20 to P0.50 per liter.

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

Effective Tuesday, January 3, 2023, fuel firms implemented a per liter increase in gasoline by P2.90, diesel P2.10 and kerosene P3.05.

Year-to-date adjustments stand at a net net increase of P17.80 per liter for gasoline, P29.40 per liter for diesel, and P24.35 per liter for kerosene. — DVM, GMA Integrated News