MANILA, Philippines — Further reductions in pump prices can be expected by motorists next week.
Cleanfuel said running trend as of yesterday showed a potential P1.40 per liter decline in the price of gasoline and P1.10 per liter for diesel.
This was supported by Department of Energy (DOE) Oil Industry Management Bureau director Rino Abad, who said in an interview with dzBB yesterday that there would be “another round of rollback on all petroleum products next week.”
Abad said diesel, gasoline and kerosene prices could go down by more than P1 per liter based on estimates on the first four trading days of the week.
“We will have to wait for the delivery of the production cut (by OPEC+). But so far, the fundamental balance of supply and demand is returning,” Abad said.
Meanwhile, an oil industry source has estimated possible price cuts of between P1.10 to P1.20 per liter for diesel, between P1.40 to P1.55 for gasoline and more than P1 for kerosene.
The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.