Gasoline price hike, diesel rollback seen next week

Motorists should brace for another round of increase in pump prices of gasoline while a rollback for diesel is expected next week. 

The estimated price adjustments are as follows:

• Gasoline - increase of P0.55 to P0.80 per liter 
• Diesel - no adjustment to rollback of P0.30 per liter 
• Kerosene - rollback of P0.10 to P0.30 per liter 

The oil industry estimate is based on international trading in the past four days.

Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero said the mixed movements could be attributed to the following:

For the anticipated price rollback

• Crude steadies at lower levels following a US-brokered ceasefire between Israel and Hezbollah, lifting hopes for a wider regional peace deal. 
• China’s consumption being on a downward trajectory. 

For fuel price hike

• OPEC+ cuts to be rolled over again and the easing of the output curbs could begin gradually in April 2025. 
• US crude inventory sees unexpected drop, bullish for oil prices.

Fuel firms announce official price adjustments every Monday, to be implemented on the following day.

Effective Tuesday, November 26, fuel retailers hike pump prices by P1.15 per liter for gasoline, P1.10 per liter for diesel, and P0.80 per liter for kerosene.

The resulting year-to-date adjustments following the recent price movements stood at a net increase of P10.45 per liter and P9.75 per liter for gasoline and diesel, respectively.

Meanwhile, kerosene posted a total year-to-date net decrease of P1.50 per liter.

--VAL, GMA Integrated News