Oil price cut likely next week

A gasoline attendant assists a motorcycle to gas up at a Petron station in Quezon City. Photo by Analy Labor

September 23, 2022

The downward trajectory of the prices of petroleum products sold at the pump is expected to be sustained until next week as preliminary oil trading data from Monday to Thursday hint at another round of rollback.

The source said diesel price is likely to decline by around P1 to P1.30 per liter, while gasoline cost, which did not move this week, is seen slightly going down by around P0.30 to P0.60 per liter.

However, the final price adjustment forecasts are still subject to change as they did not include the oil trading data on Friday.

Oil companies announce price adjustments every Monday to be implemented the following morning.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.

This week, diesel and kerosene prices were slashed by P4.15 and P4.45 per liter, respectively. Gasoline prices, however, will not move. Last week, oil companies also slashed fuel prices — gasoline went down by P0.40 per liter, diesel by P1.45 per liter, and kerosene prices by P1.70 per liter.

The Department of Energy data showed that as of 20 September, the cumulative increase in gasoline price remained at P16.50 per liter, diesel at P30.65 per liter, and kerosene at P25.45 per liter.

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