Price cut: At least P2 for diesel, over P1 for gasoline

MANILA, Philippines — Motorists should expect petroleum prices to go down by as much as P2.20 per liter next week, following recent upward adjustments.

Department of Energy-Oil Industry Management Bureau assistant director Rodela Romero estimated a decline of P1.15 to P1.35 per liter for gasoline, P2 to P2.20 per liter for diesel and P1.90 to P2 per liter for kerosene.

The estimates were based on four-day trading in Mean of Platts Singapore.

Domestic prices drop as poor global demand continues to be “one of the main drivers that makes the market bearish,” Romero said.

“Added to it are the Israel-Gaza ceasefire talks that ease supply fears, and the production recovery support from Libya’s Sharara oil field,” the official noted.

Local oil player Jetti, meanwhile, said the downward movements are caused by “easing tensions in the Middle East, weakened demand from China and fears of a weakening demand from the US.”

Friday’s trading would determine the final price adjustments, which will be announced on Monday and will take effect the following day.