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Saturday, February 24, 2024

Big-time oil price cuts as much as P3.70/liter by Tuesday

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Consumers can expect price rollbacks in fuel products of as much as P3.70 per liter by Tuesday next week, reflecting the movement of prices in the world oil market, the Department of Energy said Friday.

“For the four-day trading, there will be a rollback for gasoline (P1.00 to P1.20), diesel (P3.50 to P3.70), and kerosene (P2.20 to P2.40) per liter,” DOE director for the Oil Industry Management Bureau Rodela Romero said.

Romero attributed the impending big-time rollback to the COVID-19 surge in mainland China, the increase in the fuel inventory data ofthe United States, and the higher price cap for Russian crude by the European Union.

She said the level of rollback may still change once the results of the last trading day are factored into domestic pump prices.

On Nov. 22, the oil companies implemented a per-liter decrease in gasoline by P0.40, diesel by P2.15, and kerosene by P2.10.

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These resulted in the year-to-date total adjustments to stand at a net increase of P17.75 per liter for gasoline, P33.85 per liter for diesel, and P27.85 per liter for kerosene.

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