Slight rollback or no adjustment in pump prices next week, says DOE

Pump prices of petroleum products are expected to remain the same or decrease next week, the Department of Energy (DOE) said Friday.

DOE-Oil Industry Management Bureau Assistant Director Rodela Romero said that based on four-day trading estimate, gasoline prices will remain the same or go down by P.20 cents per liter, while diesel prices are expected to stay the same or go down by P.30 cents per liter.

Kerosene prices, on the other hand, are also seen remaining the same or going down by P.15 cents per liter.

"The reasons for these are slowing demand in the United States (US) and China, increase in weekly US crude inventories and signs of easing demand also in Asia, particularly China," Romero said.

An oil industry source, on the other hand, said that fuel prices will have a slight rollback next week.

Diesel prices are expected to go down by P.25 cents to P.35 cents per liter, while gasoline prices are seen decreasing by P.15 cents to P.25 cents per liter.

On November 14, the oil companies implemented price rollbacks for gasoline, diesel, and kerosene by P0.70, P3.00, and P2.30 per liter, respectively.

It resulted in a year-to-date net increase of P13.05/liter for gasoline, P6.35/liter for diesel, and P1.69/liter for kerosene.

The Land Transportation Franchising and Regulatory Board (LTFRB) earlier said that it is not likely to call a hearing on the proposed fare increase until oil prices have stabilized.

“Because if we set a hearing now, and then tomorrow, the oil prices will change again. And then it goes up up and down again. Hindi po talaga namin matutugunan kung magkano ang increase, kung ibibigay man namin,” LTFRB chairperson Teofilo Guadiz said.—Llanesca Panti/AOL, GMA Integrated News