Consumers can expect a rollback in gasoline prices by P0.30 per liter this week to reflect the movement of prices in the world market.
“Expect fuel prices to have a mixed movement next week (April 13 to 19, 2021). Diesel will have no price change. Gasoline will go down by P0.30 per liter,” Unioil Philippines said in its weekly price advisory.
World oil prices dipped last week due to low demand.
Last April 6, local oil companies raised prices of domestic oil products. Gasoline increased by P0.65 per liter while diesel and kerosene also increased by P0.05 per liter.
These resulted in the year-to-date adjustments to stand at a total net increase of P6.80 per liter for gasoline, P4.65 per liter for diesel, and P3.55 per liter for kerosene.
Meanwhile, the US Energy Information Administration reported on Friday under its April Short-Term Energy Outlook that it expects vaccinations and fiscal stimulus to support continuing economic recovery and drive demand growth for petroleum products in the United States.
EIA said gasoline consumption in 2021 will peak in August at 9.1 million barrels per day (b/d), higher than the 8.5 million b/d from August 2020 but less than the 9.8 million b/d in August 2019.
The United States is one of the biggest consumers of oil products in the world.