Big-time fuel price rollback seen next week

After three straight weeks of hikes, motorists shall expect a sigh of relief in the coming week as pump prices are expected to be rolled back, local oil industry sources said Friday.

Citing oil trading in the past four days (January 30 to February 2), an oil industry source told GMA News Online that the price per liter of diesel may be slashed by P2.40 to P2.70.

Gasoline prices, meanwhile, may be reduced by P1.90 to P2.20 per liter.

In an interview on Super Radyo dzBB, Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Director Rino Abad confirmed that “there’s a high chance of rollback next week.”

Abad said diesel, gasoline, and kerosene may be rolled back by “more than P2” per liter.

Oil companies usually announce price adjustments every Monday, to be implemented on the following day.

Data from the DOE’s price monitoring, as of January 31 to February 2, showed that the price per liter of gasoline range from P63.30 to P72.05 per liter in Quezon City, Metro Manila’s largest city; diesel prices range from P64.03 to P72.55 per liter in Makati City, the country’s top financial hub; while in Philippine capital Manila, kerosene prices range from P76.36 to P82.10 per liter.

The latest price movements resulted in a total net increase this year to stand at P7.20 per liter for gasoline, P3.05 per liter for diesel, and P4.45 per liter for kerosene. -VAL/KG, GMA Integrated News