Hefty pump price rollbacks seen next week

MANILA, Philippines — Hefty price rollbacks at the pumps are expected next week, which could potentially extend the declines in gasoline and kerosene prices to a third consecutive week.

Estimates by the Department of Energy (DOE) and oil industry players showed that potential price reductions could exceed P2 per liter for gasoline and kerosene and more than P1 for diesel.

DOE Oil Industry Management Bureau assistant director Rodela Romero said the first four trading days show a possible decrease of P2.60 to P3 per liter for gasoline, P2 to P2.20 for kerosene and P1.40 to P1.70 per liter to diesel.

An oil industry source, on the other hand, estimated a potential downward adjustment ranging from P1.60 to P1.70 per liter for diesel and a possible decline of between P2.90 and P3.20 per liter for gasoline.

Cleanfuel, for its part, said running trend points to rollbacks of P2.90 per liter for gasoline and P1.60 per liter for diesel next week.

“Fear on high interest rates could reduce demand. Stronger dollar weakens the finances of other nations and the demand too,” Romero cited as reasons for the price drops.

The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.