Diesel, kerosene seen to roll back by about P2/liter; gasoline by over P1/liter

After a round of increase this week, motorists should expect a big-time reduction in pump prices in the coming week.

Citing industry estimates based on oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said “motorists will experience another rollback in the prices of petroleum products next week.”

The estimated downward adjustments are as follows:

• Gasoline - P1.15 to P1.35 per liter
• Diesel - P2.00 to P2.20 per liter 
• Kerosene - P1.90 to P2.00 per liter 

“Based on the relevant news for this week, poor global demand remains one of the main drivers that makes the market bearish,” Romero said.

“Added to it are the Israel Gaza ceasefire talks that ease supply fears and the production recovery support from Libya’s Sharara Oilfield,” she added.

Fuel firms usually announce the final per liter adjustments in pump prices every Monday, to be implemented on the following day.

Effective Tuesday, August 20, oil companies hiked the per-liter prices of gasoline and kerosene by P1.00 while diesel prices were increased by P1.20 per liter.

The latest price movements brought the year-to-date total adjustments of gasoline and diesel to stand at a net increase of P8.05 per liter and P5.95 per liter, respectively. 

Meanwhile, kerosene has a total year-to-date net decrease of P2.15 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P53.70 to P74.65 per liter, diesel ranges from P49.80 to P64.40 per liter, and kerosene from P70.49 to P83.70 per liter, according to latest data from the DOE’s price monitoring. —KBK, GMA Integrated News