Oil price rollback seen next week

After a round of price hikes, motorists shall expect a breather as fuel firms may implement a rollback in the pump prices of petroleum products next week.

Citing industry estimates during this week’s trading, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero said, “There will be a rollback on the prices of petroleum products.”

The estimated price cuts are as follows:

• Gasoline - P0.70 to P0.95 per liter
• Diesel - P0.70 to P0.85 per liter
• Kerosene - P0.70 to P0.95 per liter

An oil industry source, likewise, said the price per liter of diesel may be slashed by P0.60 to P0.90, while gasoline prices may go down by P0.80 to P1.10 per liter.

“Investors point to prevailing pessimism over the interest rates outlook and uncertainties on long term demand expectations as a global recession looms,” Romero said.

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

Effective Tuesday, June 27, fuel firms implemented a per liter increase of P0.20 for gasoline, P1.05 for diesel, and P1.20 for kerosene.

The price movements resulted in a year-to-date net decrease for diesel at P3.00 per liter and kerosene at P5.15 per liter.

Gasoline, on the other hand, has a year-to-date net increase of P6.55 per liter.

Data from the DOE’s price monitoring, as of June 24, showed the price per liter of gasoline ranges from P54.20 to P67.45 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P52.41 to P58.75 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P65.46 to P69.30 per liter. — RSJ, GMA Integrated News