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Oil price rollback seen next week: p1.20/l for diesel

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Updated on February 24 // 12:57 AM

Consumers can expect a price rollback for fuel products next week of as much as P1.20 per liter for diesel, the Department of Energy said.

Based on the four-day trading movement in world oil prices, the DOEsaid there is an estimated rollback of P1 to P1.20 per liter for diesel, P0.90 to P1 per liter for kerosene and P0.70 to P0.90 per liter for gasoline.

“This adjustment is attributed to the worries about global demand and the expectations that cuts to US interest rates will take longer,” DOE director for the oil industry management bureau Rodela Romero said.

Romero said Friday’s final trading at the world oil market will change the price movement estimates.

On Feb. 20, 2024, oil companies implemented an increase in the priceof gasoline, diesel, and kerosene by P1.60, P1.10 and P1.05 per liter, respectively.

Year-to-date adjustment of gasoline, diesel and kerosene stood at a net increase of P6.15, P5.40 and P1.50 per liter, respectively.

DOE data showed gasoline retails for P55.60 to P88.88 per liter,diesel from P54.35 to P84.56 per liter and kerosene from P73.25 to P83.88 per liter in the National Capital Region.

Pump prices vary depending on the brand, location of the station, and market forces.

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