Fuel Firms to Impose Big-Time Oil Price Rollback Next Week
PUMP PRICE UPDATE – Various gasoline stations expect a big-time oil price rollback in the upcoming week.
Filipino motorists will get a sigh of relief in the upcoming week for a possible rollback on prices of petroleum products such as gasoline, diesel, and kerosene.
The Department of Energy’s Oil Industry Management Bureau Director III Rodela Romero reported that the recent oil trading trends indicate that the prices of petroleum products will likely decrease.
Gasoline prices are expected to go down by P0.70 to P0.90 per liter, diesel will drop by P1.20 to P1.50 per liter and kerosene will decrease by P1.20 to P1.50 per liter.
These estimated price rollbacks are based on the past four days of oil trading, but actual price changes may vary depending on the results of the trading on Friday (June 7, 2024).
“Oil prices remain under pressure this week despite OPEC+ agreeing to extend their voluntary production cuts of 2.2 MMBD (million barrels per day) till the end of this year. This decision comes in response to growing concerns over weakening demand growth, high interest rates, and increased production from the US,” Romero said.
Typically, fuel companies announce price changes every Monday, which are implemented the following day. This past Tuesday, June 4, 2024, saw a mixed adjustment in fuel prices
- Gasoline: Decreased by P0.90 per liter
- Diesel: Increased by P0.60 per liter
- Kerosene: Increased by P0.80 per liter
The Department of Energy also released the latest year-to-date adjustments indicating a total net increase of P6.65 per liter of gasoline, P5.45 per liter per liter of diesel, and a net decrease of P0.25 per liter of kerosene.
The looming rollback in fuel prices is welcome news for motorists, providing some relief from the recent upward trend in fuel costs.
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