Oil price rollback: P1 for gas, diesel

MANILA, Philippines — Pump prices are expected to go down for the second consecutive week, with reductions of more than P1 per liter seen for diesel and less than P1 per liter for gasoline.

Philippine Petroleum Companies Association founding chairman Fernando Martinez said that as of Thursday, there were indications of a downward trend based on movements in the international oil market.

He said diesel could decrease by at least P1 per liter next week, while gasoline could go down by around P0.45 per liter.

Cleanfuel, for its part, said the running trend as of yesterday indicated a P1.20 per liter reduction in diesel prices and P0.50 per liter decrease for gasoline.

Department of Energy-Oil Industry Management Bureau director Rino Abad, in an interview with dzBB, said there would be a rollback on all products next week.

He said initial estimates point to more than P1 per liter reduction for diesel and kerosene, and less than P1 for gasoline.

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

If the expected rollbacks push through, it will be the second straight week of reduction in the prices of petroleum products.

Last Tuesday, oil companies implemented a P2.60 per liter decrease in gasoline, P1.55 per liter for diesel and P1.60 per liter for kerosene.

These have resulted in a year-to-date net increase of P16.95 per liter for gasoline, P36.25 per liter for diesel and P31.60 per liter for kerosene.