OIL PRICE ROLLBACK EXPECTED BEFORE END-JANUARY


After a big-time oil price hike this week, motorists may expect a price decrease on petroleum products next week (Photo courtesy of ABS-CBN News)
Following three straight rounds of upward adjustments in pump prices this year, motorists are getting a breather with retail prices of petroleum expected to decrease next week.
Based on the four days projection on market developments and international trading, Department of Energy- Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romera said the following estimated price rollbacks will be implemented on January 28 (Tuesday):
Gasoline – P0.70 to P1.00 per liter
Diesel – P0.20 to P0.55 per liter
Kerosene – P0.40 to P0.50 per liter
However, Romera warned that there is a possibility that diesel prices will remain unchanged. The estimated adjustments for next week’s rollback were attributed to the re-opening of refineries and ports in the US Golf Coast last Wednesday following a winter storm.
Furthermore, the market is also considering how United States President Donald Trump’s proposed tariffs will affect global economic growth as well as the demand for energy.
The final adjustments would be determined after trading today and upon factoring in the oil companies’ operating expenses, the DOE-OIMB said.
The three consecutive fuel price hikes this year resulted in a cumulative increase of P3.45 per liter for gasoline, P4.30 per liter for kerosene, and P5 per liter for diesel based on GMA News data.
Source: GMA Integrated News
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