Fuel prices expected to go down next week — DOE

Motorists may look forward to a reduction in fuel pump prices next week, according to the Department of Energy and oil industry sources on Saturday.

DOE-Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online that "there will be a rollback in the prices of petroleum products" based on the oil trading in the past four days.

The price per liter of diesel may be slashed by P0.10 to P0.40, while gasoline prices may be reduced by P0.50 to P0.80 per liter, an oil industry source said.

In its fuel forecast for June 6–12, 2023, Unioil Petroleum Philippines said diesel prices may be cut by P0.20 to P0.30 per liter, while gasoline prices may go down by P0.40 to P0.60 per liter.

"Oil prices slumped this week, weighed down by supply risks and China's weak economic data," Romero said.

The DOE official added that the outcome of the June 4 meeting of Russia and OPEC+ remains uncertain, but new production cuts are not expected.

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

On May 30, fuel firms hiked gasoline prices by P1.10 per liter while the price of kerosene was slashed by P0.60 per liter.

There was no movement in the price of diesel.

The latest price movement resulted in a year-to-date net increase of P6.10 per liter for gasoline and a net decrease of P5.05 per liter and P6.75 per liter for diesel and kerosene, respectively.

Data from the DOE’s price monitoring, as of June 1, 2023, showed the price per liter of gasoline ranged from P53.60 to P67.20 per liter in Quezon City, Metro Manila’s largest city; diesel prices ranged from P51.41 to P57.68 per liter in Makati City, the country’s top financial hub; and in the Philippine capital Manila, kerosene prices ranged from P65.06 to P68.90 per liter. —VBL, GMA Integrated News