Oil companies are likely to cut pump prices next week by as much as P1.55 per liter due to the softening of prices in the world oil market.
An oil industry source told Manila Standard gasoline prices will may be rolled back by P1.35 to P1.55 per liter and diesel by P0.55 to P0.65 per liter.
The Department of Energy confirmed the possible price cut by Tuesday, based on the four day monitoring for the international oil market.
“There will be rollback on the prices of gasoline and diesel. Though, kerosene might have no adjustment at all or a rollback or an increasedepending on the last trading today,” Rodela Romero, DOE director for Oil Industry Management Bureau, said.
She cited reasons for the forecast downward price adjustment such as “the monetary policy of US of further interest rates that could slow growth and curb oil consumption and the fear of stronger dollar will hurt global oil demand making it more expensive.”
On April 18, the country’s oil firms implemented a mixed oil price movement.
The oil firms increased the price of gasoline by P0.30 per liter andP0.10 per liter for kerosene but rolled back the price of diesel by P0.40 per liter.
These resulted in a year-to-date net decrease for diesel at P2.35 per liter and kerosene at P3.35 per liter.
Gasoline, on the other hand, has a net increase of P8.95 per liter.