Fuel price rollback seen next week

After a round of over P2 per liter hikes, motorists should expect a sigh of relief as pump prices are seen to be reduced next week.

Citing industry estimates based on fuel trading in the last four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said that “we will be expecting a rollback in the prices of petroleum products.”

The estimated per liter downward adjustments are as follows:

• Gasoline - P0.50 to P0.75
• Diesel - P1.00 to P1.15
• Kerosene - P0.90 to P1.00

Romero cited the de-escalating tensions in the Middle East, potential crude supply surplus in early 2025, and the expected oil demand growth to slow down in 2025 due to vehicle efficiency upgrade and the slowing economy of China as reasons for the anticipated rollback next week.

Fuel firms announce the official per liter adjustments in pump prices every Monday, to be effective in the following day.

Effective last Tuesday, October 15, oil companies implemented a hike of P2.60 to P2.65 per liter for gasoline, P2.70 per liter for diesel, and P2.60 per liter for kerosene.

The latest round of increase brought the year-to-date total price adjustment of gasoline and diesel to stand at a net increase of P9.05 per liter and P6.75 per liter, respectively. 

On the other hand, kerosene has a year-to-date total net decrease of P2.75 per liter.

In Metro Manila, the prevailing retail prices of gasoline range from P50.20 to P70.20 per liter, diesel from P46.40 to P61.00 per liter, and kerosene from P67.29 to P78.14 per liter, according to latest data from the DOE's price monitoring. —KBK, GMA Integrated News