Gas prices seen up, diesel down next week  

MANILA, Philippines — The rollback in diesel prices is expected to continue next week, but gasoline prices may see a slight increase.

Industry players are seeing a reduction of over P2 per liter for diesel, but a hike of less than 50 cents for gasoline.

Cleanfuel said the running trend as of yesterday indicated a P2.80 per liter decrease in diesel prices and a P0.50 per liter increase for gasoline.

For his part, Philippine Petroleum Companies Association
 founding chairman Fernando Martinez said an almost P3 per liter rollback on diesel and a slight hike of P0.50 per liter for gasoline could be expected by next week.

“The prevailing atmosphere of possible Fed and EU rate hike and economic slowdown tempered demand for diesel,” Martinez said.

Department of Energy (DOE)-Oil Industry Management Bureau director Rino Abad, in an interview with dzBB, said there are strong indications of a decline of around P2.50 to P3 per liter for diesel and around P3 per liter for kerosene.

“Unfortunately, for gasoline, we are not yet sure. There may be no adjustment, or there may also be a slight increase,” he said.

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

Should the rollbacks push through, it will be the third straight week of reduction for diesel and kerosene.

Last Tuesday, oil companies implemented a P0.45 per liter decrease in gasoline, P1.45 per liter for diesel and P1.70 per liter for kerosene.

These have resulted in a year-to-date net increase of P16.50 per liter for gasoline, P34.80 per liter for diesel and P29.90 per liter for kerosene, based on data from the DOE.