Fuel prices seen to roll back next week

After 10 straight weeks of increases for gasoline and 11 for diesel and kerosene, pump prices of petroleum products are expected to roll back in the coming week, according to oil industry projections.

Citing the four-day petroleum trading from September 18 to 21, an oil industry source told GMA News Online that the price per liter of diesel may be slashed by P0.40 to P0.60.

Gasoline prices, meanwhile, may be rolled back by P0.10 to P0.20 per liter.

Another industry source said the running trend as of September 21 shows an estimated reduction of P0.10 per liter for gasoline and P0.60 decrease for diesel.

For her part, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said, “After series of increases on the prices of petroleum products, we will be expecting mixed movements based on the four-day trading, such as, for gasoline is no movement or a little of increase or rollback, [while] diesel and kerosene have a high chance for rollback ranging from P0.50 to P0.75 per liter.”

Romero, however, said the actual price adjustments could still change depending on the results of Friday’s trading.

“This adjustment is attributed to the warning of the US Federal Reserves on higher interest rates, although expectations of tight supply still presented a positive outlook for crude,” she said.

Oil companies usually announce price adjustments every Monday, to be implemented on the following day.

Effective Tuesday, September 19, fuel firms hiked the prices per liter of gasoline by P2.00, diesel by P2.50, and kerosene by P2.00.

The latest price adjustments brought the year-to-date movements to stand at a net increase of P17.50 per liter for gasoline, P13.60 per liter for diesel, and P9.94 per liter for kerosene.

DOE data as of September 21 show the prevailing price of gasoline ranges from P63.05 to P83.75 per liter, diesel from P62.95 and P74.04 per liter, and kerosene from P80.75 to P93.09 per liter. 

Source: Fuel prices seen to roll back next week (msn.com)

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