Diesel, kerosene prices seen to roll back; gasoline may hike next week

Motorists should expect another round of reductions in the per liter prices of diesel and kerosene, while gasoline prices might go up next week.

Citing oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said that “mixed movements in the prices of petroleum products will be experienced next week, Tuesday.”

Romero said there might be no adjustment or increase of P0.20 per liter for gasoline.

Meanwhile, the pump prices of diesel may be slashed by P0.30 to P0.60 per liter.

Kerosene prices may go down by P0.60 to P0.70 per liter.

The Energy official said results of Friday’s trading will determine the final adjustments. 

“Crude oil prices lost their gaining streak on the early part of the week as market participants remained cautious over the global demand outlook with top importer China experiencing slow economic growth,” Romero said.

“Also, there is an expectation of higher crude flows from Iran. But yesterday’s trading and relevant news showed demand optimism after US crude inventories declined,” she added.

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

Effective Tuesday, July 16, 2024, fuel firms implemented a rollback on the price of gasoline, diesel, and kerosene by P0.60, P0.90 and P1.15 per liter, respectively.

The latest price movements resulted in year-to-date total adjustments to stand at net increase of P10.25 per liter gasoline, P8.15 per liter for diesel, and P1.20 per liter for kerosene. —VAL, GMA Integrated News