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Tuesday, March 5, 2024

Oil price rollback less than P1/liter likely next week

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Pump prices of petroleum products are expected to roll back next week, oil industry sources told the Standard on Friday.

Citing oil trading results from October 17 to 20, a source told GMA News the price per liter of diesel may go down by P0.40 to P0.70.

Gasoline prices, meanwhile, may be slashed by P0.20 to P0.50 per liter.

“There is a high indication of a rollback next week,” Oil Industry Management Bureau (OIMB) Director Rino Abad also said in an interview on Super Radyo dzBB.

Abad said the expected price cut on fuel products will be less than P1 per liter.

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The Energy official said the global market doubted that the Organization of Petroleum Exporting Countries (OPEC) will be able to cut oil production by 2 million barrels next month.

Oil companies usually announce price adjustments every Monday for implementation the following day.

Effective Tuesday, October 18, fuel firms increased prices per liter for gasoline by P0.80, diesel by P2.70, and P2.90 for kerosene.

The latest price movements brought the year-to-date adjustments at a net increase of P16.45 per liter for gasoline, P38.50 per liter for diesel, and P29.65 per liter for kerosene.

The P2.70 per liter price increase for diesel last week wiped out five consecutive weeks of rollbacks, Department of Energy data showed.

It was the second consecutive week of upward adjustment in domestic pump prices as the country’s net oil import bill more than doubled to $9.705 billion in the first six months.

Oil firms the week before raised the price of diesel by P6.85 per liter, kerosene by P3.50 per liter, and gasoline by P1.20 per liter.

Last week’s price increase offset the five-week rollback, resulting in a net increase of P.070 for diesel, and a net decrease of P3.10 for gasoline and P3.55 for kerosene.

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