Lower gasoline, diesel prices seen next week

The pump prices of petroleum products are expected to decline next week for the fifth time, according to the projection of an industry source.

Based on the oil trading data from Monday to Thursday, the source said prices of both gasoline and diesel are expected to be slashed by around P0.50 to P0.80 per liter next week.

The source, however, noted that the projection is still subject to change as it does not include the Friday data, which usually comes out late at night.

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

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.

Oil companies announced that gasoline prices have the largest reduction of P1.65 per liter this week. Diesel prices also went down by P1.25 per liter and gasoline by P1.35 per liter.

The DoE data showed that as of 27 September, the cumulative increase in gasoline price remained at P14.85 per liter, diesel at P29.40 per liter, and kerosene at P24.10 per liter.