Over P1/liter rollback in fuel prices seen anew next week

Motorists should expect another round of decrease in fuel pump prices to be implemented by petroleum companies in the coming week.

“Another rollback will be experienced by the motorists next week, September 17,” Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said on Friday.

The estimated pump price reductions, based on international oil trading in the past four days, are as follows:

• Gasoline - P0.90 to P1.20 per liter
• Diesel - P1.30 to 1.60 per liter
• Kerosene - P1.50 to P1.65 per liter

“Weakening global demand prospects and expectations of oil oversupply are the main factors for the said rollbacks,” Romero said.

In particular, the Energy official said the “OPEC+ revised down its demand forecast for this year and 2025 as reflected in the September Oil Market Report.”

Moreover, she added that China’s crude demand remains seasonally weak. 

“On the supply side, Iraqi’s and Libyan’s crude exports hit an eight-month high and have resumed loading, respectively,” Romero said.

Oil companies officially announce the per liter price adjustments in fuel products every Monday, which will be effective on the following day.

Last Tuesday, September 10, fuel firms slashed the prices per liter of gasoline, diesel, and kerosene by P1.55, P1.30, and P1.40, respectively. 

The latest price movements brought the year-to-date total adjustment for gasoline and diesel to stand at a net increase of P5.85 per liter and P3.05 per liter, respectively.

Kerosene, meanwhile, has a total year-to-date net decrease of P4.70 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P52.80 to P74.00 per liter, diesel from P48.00 to P62.80 per liter, and kerosene from P69.34 to P83.70 per liter, according to latest data from the DOE’s price monitoring. —KBK, GMA Integrated News