Fuel price rollback seen next week

After a round of major price hikes, motorists may expect a breather in the coming week as pump prices of petroleum products are projected to roll back, according to projections by Unioil Petroleum Philippines.

In its fuel price forecast for May 17 to 23, 2022 trading week, Unioil said the price per liter of diesel may go down by P2.90 to P3.00.

Gasoline prices, meanwhile, may roll back between P0.40 to P0.60 per liter.

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

Fuel firms, effective Tuesday, May 10, hiked prices per liter of gasoline and diesel by P4.20, and kerosene by P5.85. 

Domestic pump prices have been on an uptrend in 13 out of the past 17 weeks, which the Department of Energy (DOE) has attributed to the ongoing conflict between Russia and Ukraine, along with the easing of COVID-19 restrictions across the globe which have boosted demand.

Latest data available from the DOE show that year-to-date adjustments stand at a net increase of P17.80 per liter for gasoline, P30.30 per liter for diesel, and P23.90 per liter for kerosene as of May 3, 2022. —LBG, GMA News