OIL PRICE ROLLBACK UP TO P2 PER LITER IN THE LAST WEEK OF AUGUST

After a big-time price hike this week, big-time roll back is expected as August ends (Photo courtesy of Mark Demayo/ABS-CBN News)

“Motorists will experience another rollback in the prices of petroleum products next week.”

The Department of Energy-Oil Industry Management Bureau (DOE-OIMB) Assistant Director Rodela Romero said that a big-time reduction in oil prices is seen in the last week of August. After a round of big-time price hike this week, the estimated downwards price adjustments for next week:

Gasoline - P 1.15 to P1.35 per liter

Diesel - P2.00 to P2.20 per liter

Kerosene - P1.90 to P2.00 per liter

According to Romero, “Based on the relevant news for this week, poor global demand remains one of the main drivers that makes the market bearish. Added to it are the Israel Gaza ceasefire talks that ease supply fears and the production recovery support from Libya’s Sharara Oilfield.”

Recent increase in per-liter prices for gasoline and kerosene was P1.00, and diesel by P1.20. This brought the year-to-date total adjustments of gasoline at a net increase of P8.05 per liter and diesel to stand at P5.95 per liter. While, kerosene net decrease of P2.15 per liter.

Fuel companies announce final per liter movement in oil prices every Monday and implements on the following day. 

Source: ABS-CBN News 

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