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Oil prices going down P0.80/liter after weeks of increases

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Pump prices are expected to go down on Tuesday though lower than previously announced to P0.80 per liter after five weeks of consecutive oil price hikes.

Unioil Petroleum Philippines said in its advisory that gasoline should go down by P0.60 to P0.80 per liter while diesel should go down by P0.20 to P0.30 per liter.

Industry sources on Friday estimated the price rollback at P1 to P1.20 per liter for gasoline and P0.40 to P0.60 per liter for diesel based on the four-day trading of the Mean of Platts Singapore, the benchmark pricing used by oil importers.

Department of Energy (DOE) director for the oil industry management bureau Rodela Romero said the rollback estimates were affected by Friday’s trading movement where oil prices went up.

Romero attributed the softer world oil prices week on week to the increase in US oil production and the slowing oil demand growth.

“Though the following reasons make the oil market on a bullish mode, namely: the Israel – Hamas tension; the production cut of OPEC member countries and India’s oil demand growth,” Romero said.

On Feb. 6, the oil companies implemented a per liter increase in the price of gasoline, diesel, and kerosene by P0.75, P1.50, and P0.80 per liter, respectively.

Year-to-date adjustment of gasoline, diesel, and kerosene stands at a net increase of P5.15 per liter, P4.40 per liter, and P0.85 per liter, respectively.

Prevailing retail prices of petroleum products in the National Capital Region for January 30 to February 5 range from P56.30 to P81.58 per liter for gasoline, P52.90 to P83.56 per liter for diesel, and P72.85 to P84.28 per liter for kerosene.

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