Oil price rollback seen continuing next week

MANILA, Philippines — Another price rollback could be expected next week, with initial indications showing a more-than-P1-per-liter decline in all petroleum products.

Cleanfuel said the running trend, as of yesterday, showed a possible P1.20 per liter reduction in diesel prices and P1.60 per liter for gasoline.

Fernando Martinez, Philippine Petroleum Companies Association founding chairman, said diesel, based on Thursday’s trading, could go down by P1.28 per liter and gasoline by P1.53 per liter.

Rino Abad, the Oil Industry Management Bureau director of the Department of Energy, said there is a very high chance of seeing a rollback in the prices of diesel, gasoline and kerosene next week.

“There is a strong indication of another rollback, this time on all petroleum products – gasoline, diesel and kerosene. All of them are seen with a more than P1 per liter rollback for the four trading days. So we have to wait for Friday’s trading,” he said in an interview with dzBB.

Prices of diesel and kerosene went down for a third consecutive week last Tuesday, while no adjustments were made for gasoline.

Reflecting the movements in the international oil market, oil companies implemented on Tuesday a price rollback of P4.15 per liter for diesel and P4.45 for kerosene.

These resulted in a year-to-date net increase of P16.50 per liter for gasoline, P30.65 per liter for diesel and P25.45 per liter for kerosene.

Price adjustments, if any, will be announced by oil firms on Monday, which will take effect the next day.