Big-time fuel price rollback seen next week

Motorists should expect another round of rollback in the pump prices of petroleum products next week, which could mark the third straight week of cuts for gasoline and fifth for diesel and kerosene.

Citing industry estimates based on four-day international oil trading, Department of Energy-Oil Industry Management Bureau Director III Rodela Romero said that “prices of petroleum products in the domestic pump will rollback next week, August 13, 2024.”

The estimated price reductions are as follows:

• Gasoline - P2.30 to P2.50 per liter
• Diesel - P1.90 to P2.10 per liter 
• Kerosene - P2.35 to P2.40 per liter 

Romero said results of Friday’s trading will determine the final adjustments to be implemented by fuel companies.

“The sharp declines underscored the market’s continued struggle between the recession concerns and the geopolitical tensions,” Romero said.

“Other bearish factors such as the growing concerns about lack luster consumption especially of China and a worsening outlook for global economy, and stronger peso outweigh bullish factors that push the oil prices up,” she added.

The DOE official said the oil market is expected to remain volatile for the coming weeks.

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

Effective Tuesday, July 6, 2024, fuel firms slashed the per liter prices of gasoline by P0.10, diesel by P0.20, and kerosene by P0.45.

The latest price movements brought the year-to-date total adjustment to stand at P9.50 per liter and P6.65 per liter for gasoline and diesel, respectively.

On the other hand, kerosene has a total year-to-date net decrease of P0.75 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P55.00 to P83.05 per liter, diesel from P51.00 to P69.35 per liter, and kerosene from P72.34 to P83.70 per liter, according to latest data from the DOE price monitoring.  —KBK, GMA Integrated News