Hefty rollback in pump prices seen next week

MANILA, Philippines — Motorists can see lower pump prices next week, with oil firms expected to reduce prices by hefty amounts.

Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said results of four-day trading showed potential rollbacks of over P1 per liter for diesel, gasoline and kerosene.

An oil industry source, on the other hand, said indicative price movement for next week is a reduction of between P1.80 and P1.90 per liter for diesel, and a decrease of between P1.70 and P1.90 per liter for gasoline.

Cleanfuel, for its part, said running trend points to a possible P1.80 per liter drop in the prices of both diesel and gasoline.

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

Local oil companies implemented mixed price adjustments at the pumps last Tuesday. While prices of gasoline and kerosene went up by P0.30 per liter and P0.20 per liter, respectively, diesel declined by P0.30 per liter.