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Friday, March 29, 2024

Diesel leads oil price rollback at P2.90 per liter

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The country’s oil firms will implement a price rollback of as much as P2.90 per liter with diesel leading the price cut effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.

The Department of Energy confirmed the price rollback across all oil products.

It estimated the rollback at P2.70 to P2.90 per liter for diesel, P2.30 to P2.55 per liter for kerosene and P2.20 to P2.40 for gasoline.

“We expect a rollback for all products,” DOE director for Oil Industry Management Bureau Rodela Romero said.

This will be the third consecutive week of rollbacks across all petroleum products due to the softening of world oil prices.

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Unioil Petroleum Philippines said consumers can expect fuel prices to go down next week effective May 9.

It said diesel should go down by P2.50 to P2.70 per liter while gasoline should go down by P1.80 to P2 per liter.

“These movements are attributed to the cut in the Official Selling Price of Arab Light Crude Oil to Asia to compete with India’s and China’s eagerness to snap up cheap Russian Crude Oil and the heightened concern about Chinese recovery with unexpected slowdown in manufacturing activity,” Romero said.

Romero said oil prices also declined on reports of another possible US interest hike and a looming recession.

The West Texas Intermediate fell below $70 per barrel last week amid concerns of economic slowdown from the US and China.

On May 2, the oil companies also implemented a price rollback of P1.50 for gasoline, P1.30 for diesel and P1.40 for kerosene.

These resulted in a year-to-date net decrease for diesel at P4.35 per liter and kerosene at P4.95 per liter. Gasoline, on the other hand, has a net increase of P6.05 per liter.

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