Fuel prices to roll back next week

Motorists should expect a sigh of relief as pump prices are slated to be slashed in the coming week.

“There would be a rollback on the prices of petroleum products based on the four-day trading in the Mean of Platts Singapore,” Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said.

The estimated price reductions are as follows:

• Gasoline - P0.70 to P0.95 per liter
• Diesel - P0.70 to P0.95 per liter
• Kerosene - P0.80 to P0.90 per liter

“The current trend leans bearish due to the oil market expectations of plentiful supplies and weak demand,” Romero said.

“Likewise, the Gaza Ceasefire Negotiation threatens to erode the geopolitical risk premium of crude and petroleum products,” she added.

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

Effective Tuesday, July 23, oil companies hiked the per liter price of gasoline by P0.10, while rolling back those of diesel by P0.40, and kerosene by P0.70.

The latest price movements brought the year-to-date total adjustments to stand at net increases of P10.35 per liter for gasoline, P7.75 per liter for diesel and P0.50 per liter for kerosene.

Meanwhile, the Energy official said that a 15-day price freeze for kerosene and 11-kilogram and below liquefied petroleum gas (LPG) is being implemented upon declaration of the state of calamity in a particular area. — RSJ, GMA Integrated News