Gasoline price rollback; hike for diesel, kerosene seen next week

Motorists shall expect mixed movements in the pump prices of petroleum products next week, an official of the Department of Energy (DOE) said Friday.

“Based on the four-day trading (July 3 to 6, 2023), there will be a mixed movement on the prices of liquid petroleum products,” DOE-Oil Industry Management Bureau Assistant Director Rodela Romero told GMA News Online.

Citing oil industry estimates, the Energy official said the following are the projected price adjustments across the three fuel products:

• Gasoline - reduction by around P0.30 to P0.50 per liter
• Diesel -  increase by P0.30 to P0.50 per liter
• Kerosene - increase by P0.30 to P0.50 per liter

Romero, however, said the estimated price movements are still subject to change depending on Friday’s trading.

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

“The rollback is still due to the monetary policy implemented by central banks of big countries to address inflation, while the increase is attributed to the output cut of KSA (Kingdom of Saudi Arabia) for July to be joined by Russia and Algeria by August,” Romero said.

Effective Tuesday, July 4, fuel firms implemented a per liter reduction of P0.70 for both gasoline and diesel. Kerosene was also slashed by P0.85 per liter.

The latest price adjustments resulted in a year-to-date net decrease of P3.70 per liter for diesel and P6.00 per liter for kerosene.

Gasoline, on the other hand, has a year-to-date net increase of P5.85 per liter. — RSJ, GMA Integrated News