Fuel price rollback seen next week

Following a week of mixed movements, motorists should expect a reduction in pump prices across petroleum products in the coming week.

“[T]here will be a rollback in the prices of petroleum products,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said, citing oil trading in the past four days.

The estimated downward adjustments are as follows:

• Gasoline - P0.50-P0.80 per liter
• Diesel - P0.20-P0.50 per liter
• Kerosene - P0.20-P0.45 per liter

Romero said the estimates will change depending on Friday’s trading.

“The rollbacks are attributed to the fluctuating demand concerns in China and US and the expected oil supply from non-OPEC countries that continue to rise,” the Energy official said.

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

Effective Tuesday, March 5, fuel firms slashed the per liter prices of diesel and kerosene by P0.40 and P0.35, respectively. Gasoline, meanwhile, was upwardly adjusted by P0.50 per liter.

The latest price movements brought the year-to-date adjustments to stand at net increases of P5.95 per liter for gasoline, P4.05 per liter for diesel, and P0.05 per liter for kerosene. —VAL, GMA Integrated News