Fuel price rollback seen next week

Another round of rollback in the pump prices of petroleum products could be expected by motorists in the coming week.

Citing industry estimates based on four-day international trading, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said the following adjustments could be implemented next week:

• Gasoline - no adjustment or rollback of P0.20 per liter
• Diesel - rollback of P0.20 to P0.40 per liter
• Kerosene - rollback of P0.30 to P0.35 per liter

“The downward pressure is attributed to the weakening demand from China and the plans of OPEC+ to increase supplies in the world market,” Romero said.

“On the other hand, crude oil futures extended gains yesterday due to the escalating geopolitical risk from renewed conflict in the Middle East and the lower US crude inventories,” she said.

Oil companies announce the official price adjustments for a week every Monday, to be implemented on the following day.

Effective last Tuesday, July 30, fuel firms slashed the per liter prices of gasoline by P0.75, diesel by P0.85, and kerosene by P0.80.

The latest price movements brought the year-to-date adjustments to stand at a net increase of P9.60 per liter for gasoline and P6.85 per liter for diesel.

On the other hand, kerosene has a total net decrease of P0.30 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P56.00 to P83.80 per liter, diesel ranges from P52.00 to P70.20 per liter, and kerosene from P73.14 to P83.14 per liter, according to latest data from the DOE price monitoring. —Ted Cordero/KBK, GMA Integrated News