Big-time rollback in fuel prices seen next week

Motorists should expect a decrease in the pump prices of petroleum products in the coming week.

Citing oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said the following are the estimated price reductions in the domestic pump prices:

• Diesel - P1.20 to P1.50 per liter
• Kerosene - P1.20 to P1.50 per liter
• Gasoline - P0.70 to P0.90 per liter

Actual price adjustments could still change depending on the results of Friday’s trading, according to Romero.

“Oil prices remain under pressure this week despite OPEC+ agreed to extend their voluntary production cuts of 2.2 MMBD (million barrels per day) till end of this year.  This decision comes in response to growing concerns over weakening demand growth, high interest rates and increased production from the US,” Romero said.

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

Effective Tuesday, June 4, 2024, fuel firms implemented a mixed adjustment on the price of petroleum products. 

Gasoline prices were slashed by P0.90 per liter. On the other hand, diesel and kerosene were hiked by P0.60 and P0.80 per liter, respectively.

The latest price movements brought the year-to-date adjustments for gasoline and diesel to stand at net increase of P6.65 and P5.45 per liter, respectively. 

Kerosene, meanwhile, has a year-to-date net decrease of P0.25 per liter. —KBK, GMA Integrated News