Diesel price rollback, gas seen slightly up next week

MANILA, Philippines — Diesel could be up for another round of price rollback next week, while gasoline prices could see a slight increase.

Philippine Petroleum Companies Association founding chairman Fernando Martinez said there are indications of rollback for diesel by P0.90 per liter, while gasoline products may have slight increase of P0.60 per liter.

“Latest trend is the tightness of supply last three trading days with OPEC meeting expected next week,” Martinez said, referring to Organization of the Petroleum Exporting Countries.

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

Should the forecast adjustments be implemented next week, it would be the fifth consecutive week of price decrease for diesel.

As for gasoline, it would put an end to three straight weeks of rollback.

Last week, oil firms slashed diesel prices by P1.85 per liter, gasoline by P0.40 per liter and kerosene by P1.30 per liter.

These resulted in year-to-date adjustments of a net increase of P18.90 per liter for gasoline, P32.95 per liter for diesel, and P28.05 per liter for kerosene.