Rollback in gasoline, diesel, kerosene prices seen next week —DOE

Prices of gasoline, diesel, and kerosene are expected to roll back next week, according to the Department of Energy (DOE) on Friday.

In an update, DOE - Oil Industry Management Bureau Director III Rodela Romero said the following are the estimated adjustments based on the four-day trading:

• gasoline - rollback of P0.70 to P0.90 per liter
• diesel and kerosene - rollback of P1 to P1.15 per liter

Romero attributed the anticipated decrease in fuel prices to the weak China inflation data, Hurricane Beryl, as well as on the status of the dollar.

“Firstly, crude falls on weak China inflation data pointing to soft consumer confidence and the potential stimulus measures from Beijing to boost demand,” Romero said.

“Secondly, apart from shipping delays and platform evacuations, Hurricane Beryl seems to have led to relatively little physical damage, allowing US to recover oil production, offsetting a larger than expected weekly draw in US crude inventories,” she added.

“Thirdly, the dollar contributed to lower oil prices. Though on the later part of the week, oil markets start to focus again on fundamentals and geopolitical issues. These are the relevant news on the international oil market.” 

Fuel firms usually announce price adjustments every Monday, to be implemented on the following day.

Effective July 9, 2024, oil companies implemented an increase on the prices of gasoline, diesel and kerosene by P1.60, P0.65 and P0.60 per liter, respectively.

Year-to-date, total adjustment of the said respective products stand at net increase of P10.85/liter, P9.05/liter and P2.35/liter, respectively. —Joviland Rita/KBK, GMA Integrated News