The country’s oil firms may roll back pump prices by as much as P3.20 per liter next week to reflect the movement of prices in the world market.
Industry sources said gasoline may go down by P2.90 to P3.20 per liter, kerosene by P2 to P2.20, and diesel by P1.60 to P1.70 per liter based on the four-day trading of the Mean of Platts Singapore, the pricing benchmark used by oil importers.
Department of Energy director for the Oil Industry Management Bureau Rodela Romero confirmed the possible rollback next week across all products.
Romero attributed the price reduction to fears on high interest rates, which could reduce demand.
“Stronger dollar weakens the finances of other nations and the demand too and the spectacular price drop in crude yesterday,” he said.
On Oct. 3, 2023, the oil companies decreased prices by P2 per liter for gasoline and P0.50 per liter for kerosene, but increased diesel costs by P0.40 per liter.
These price adjustments resulted in a year-to-date net increase of P15.30 per liter for gasoline, P13.80 per liter for diesel, and P8.94 per liter for kerosene.