Oil price rollback seen next week

MANILA, Philippines — Motorists can get a break from back-to-back weeks of hefty fuel price hikes as a possible rollback is expected next week.

Philippine Petroleum Companies Association founding chairman Fernando Martinez said that as of Thursday, there were indications of a downward movement in pump prices next week. He did not provide estimates.

Cleanfuel, for its part, said the running trend as of yesterday pointed to a P1.30 per liter reduction in diesel prices, and P2.70 per liter decrease for gasoline.

The price adjustments will be announced by oil firms on Monday, which will take effect the next day.

Reflecting the movements in the international oil market, prices of diesel, gasoline and kerosene have increased over the past two weeks.

Last Tuesday, oil firms implemented a P6.10 per liter increase for diesel and kerosene, and a P1.40 per liter hike for gasoline.

These resulted in a year-to-date net increase of P19.55 per liter for gasoline, P37.80 per liter for diesel and P33.20 per liter for kerosene, data from the Department of Energy showed.