Over P1 per liter rollback in fuel prices seen next week

Motorists should expect an over a peso per liter decrease in domestic pump prices in the coming week.

Citing oil industry estimates, based on international trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said that a rollback in full prices “will be experienced by our motorists next week.”

The estimated downward adjustments are as follows:

• Gasoline - P1.00 to P1.30 per liter
• Diesel - P1.00 to P1.30 per liter
• Kerosene - P1.20 to P1.35 per liter

The Energy official cited the following reasons for the anticipated fuel price rollback:

• Sluggish demand from China and US
• Report indicating OPEC+ plans to boost output by 180,000 barrels per day in October
• Recovery to Libyan oil production

Oil companies regularly announce official price adjustments every Monday, which will take effect the following day.

Effective Tuesday, September 3, fuel firms hiked the prices per liter of gasoline by P0.50, diesel by P0.30, and kerosene by P0.70. — RSJ, GMA Integrated News