Gasoline rollback, diesel no change or price cut seen next week

Motorists should expect mixed movements in fuel pump prices next week, with the latest indications pointing to a possible rollback in gasoline and diesel.

The estimated fuel price movements in the coming week are as follows:

Gasoline - Rollback of P0.40 to P0.70 per liter

Diesel - No adjustment to rollback of P0.20 per liter

Kerosene - Increase of P0.10 to P0.20 per liter

Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said on Friday that the industry estimates are based on international trading in the past four days.

For the anticipated price rollback, Romero cited that “Israel’s Prime Minister will call a meeting for a diplomatic solution to the war in Lebanon” and ease tensions in the Middle East.

Meanwhile, the Energy official said a price hike could be triggered by the optimism over US fuel demand and drop in crude and gasoline inventories, Israel’s retaliatory attack on Iran’s military sites, which avoided oil infrastructure, geopolitical uncertainties, and tighter Asian regional supplies for gas-oil and jet fuel/kerosene.

Fuel firms announce official price adjustments every Monday, which would take effect on the following day.

Effective October 29, oil companies hiked the price per liter of gasoline by P0.20 and increased diesel and kerosene prices by P0.50 per liter.

Year-to-date total adjustments for gasoline and diesel stand at a net increase of P8.75 per liter and P6.55 per liter, respectively. On the other hand, kerosene has a total net decrease of P3.10 per liter.

--VAL, GMA Integrated News