Diesel, kerosene rollback seen next week; gasoline price hike possible

Motorists should expect mixed movements in petroleum pump prices in the coming week.

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 diesel and kerosene may roll back next week by P0.30 to P0.60 and P0.30 to P0.50, respectively.

Gasoline prices, on the other hand, may increase by P0.20 to P0.45 per liter.

Romero said estimated price movements “might change based on the result of the Friday trading.”

For the rollbacks, Romero attributed it to the inventory increase of US crude stocks and signals of a Gaza ceasefire against the reality on the ground, and the postponed reduction in the interest rates that restrain global demand.

“The increase is due to the potential extension of OPEC+ supply cuts from the first quarter of 2024 to second quarter of 2024; and specific to gasoline is the Russian imposition of a six-month export ban starting March 1,” she said.

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

Effective Tuesday, February 27, fuel firms slashed the per liter prices of gasoline, diesel, and kerosene by P0.70, P0.95, and P1.10, respectively.

The latest price movements resulted in a year-to-date net increase of P5.45 per liter for gasoline, P4.45 per liter for diesel, and P0.40 per liter for kerosene.

In Metro Manila, the prevailing retail prices of gasoline range from P56.60 to P79.25 per liter, diesel prices range between P54.00 and P66.95 per liter, while kerosene prices range from P72.44 to P83.83 per liter, according to latest data from the DOE’s price monitoring as of February 29. —KBK, GMA Integrated News