Fuel price rollback expected next week

Motorists should expect a breather following a series of pump price hikes as a rollback might be implemented in the coming week.

Citing oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said a downward adjustment in the per liter prices of petroleum products is seen next week.

For gasoline, a rollback of P0.70 to P0.90 per liter is expected.

Diesel prices, meanwhile, may be slashed by P1.00 to P1.20 per liter.

A P0.90 to P1.00 per liter rollback for kerosene could be effected.

“The Friday final trading will change the said estimates,” Romero said.

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

“This adjustment is attributed to the worries about global demand and the expectations that cuts to US interest rates will take longer,” Romero said.

Effective Tuesday, February 20, fuel firms hiked the per liter prices of gasoline, diesel, and kerosene by P1.60, P1.10 and P1.05, respectively.

The latest price movements brought the year-to-date adjustment of gasoline, diesel and kerosene to stand at a net increase of P6.15 per liter, P5.40 per liter and P1.50 per liter, respectively.

In Metro Manila, the prevailing retail prices of gasoline range from P55.90 to P79.95 per liter, diesel prices range between P54.35 and P67.90 per liter, while kerosene prices range from P73.25 to P83.88 per liter, according to latest data from the DOE’s price monitoring. —KBK, GMA Integrated News