Over P1/liter rollback for gasoline seen; diesel, kerosene likely down next week

After several straight weeks of hikes, motorists should expect a sigh of relief in the coming week as pump prices of petroleum products are seen to be rolled back.

Citing oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the price per liter of gasoline may be slashed by P1.00 to P1.20.

For diesel, a per liter price rollback of P0.40 to P0.60 may be implemented.

Kerosene prices, meanwhile, may go down by P0.45 to P0.65 per liter.

Romero, however, said Friday’s oil trading might change the projected pump price adjustments.

“Reasons for rollback are the build up of US crude inventories and the increase of US oil production and the slowing oil demand growth,” the Energy official said.

Although, she said that several reasons still make the oil market on a bullish mode such as the Israel-Hamas tension; the production cut of Organization of Petroleum Exporting Countries (OPEC) members, and India's oil demand growth.

Fuel price adjustments are usually announced every Monday, to be implemented on the following day.

On February 6, oil companies hiked the per liter prices of gasoline by P0.75, diesel by P1.50, and kerosene by P0.80, marking the fifth consecutive week of upward adjustments for both gasoline and diesel, and the second for kerosene. 

This brought the year-to-date adjustments for petroleum products to stand at net increases of P5.15 per liter, P4.40 per liter, and P0.85 per liter for gasoline, diesel and kerosene, respectively.

In Metro Manila, the prevailing retail prices of gasoline range from P56.60 to P78.95 per liter, diesel prices range between P52.90 and P67.50 per liter, while kerosene prices range from P72.85 to P84.28 per liter, according to latest data from the DOE’s price monitoring as of February 6 to February 12, 2024.—with Bernadette Reyes/AOL, GMA Integrated News