Daily TribuneGasoline prices may see a minor rollback of P0.20 per liter or an increase of up to P0.20. Diesel prices could range from a rollback of P0.10 to an increase of P0.30, while kerosene is expected to decrease by P0.20 to P0.30.
Share
LOOK: A gas station attendant adjusted the fuel prices on 17 September 2024. Starting on that date, gasoline prices will decrease by at least P1 per liter, diesel by P1.30, and kerosene by P1.65. This reduction is due to weak global demand and concerns about oversupply, especially from China and the U.S. Recent data indicates that gasoline and diesel prices have increased by P5.85 and P3.05 per liter to date, respectively. This price reduction follows similar cuts from the previous week, driven by low demand and plans by oil-producing nations to boost output.
YUMMIE DINGDING
After a recent round of price rollbacks, motorists can expect mixed fuel price adjustments at local pumps next week.
Citing initial four-day trading data at the Mean of Platts Singapore (MOPS), Department of Energy Oil Management Bureau Director Rodela Romero said in a mobile message that gasoline prices may see a minor rollback of P0.20 per liter or an increase of up to P0.20.
Diesel prices could range from a rollback of P0.10 to an increase of P0.30, while kerosene is expected to decrease by P0.20 to P0.30.
Romero cited weaker demand in China and the United States, an unexpected rise in U.S. oil stockpiles, and easing geopolitical tensions, with ceasefire talks resuming, as contributing factors to potential rollbacks in petroleum prices.
Still, rising diesel demand in Asia, particularly South Korea, may offset these decreases and prompt price increases.
Further complicating the outlook are concerns over supply disruptions, sparked by Iran's recent retaliatory actions, which have added to market uncertainty.
In another development, Romero said relief is available for those in areas under the State of Calamity, as the DOE’s price freeze on household LPG and kerosene provides temporary protection from price hikes.
The measure aims to ease some financial pressure, especially for households in crisis-hit regions needing stable, affordable fuel sources.
This week, fuel companies implemented a rollback of P0.50 per liter for gasoline, P0.70 per liter for diesel, and P0.85 per liter for kerosene.
Local companies typically announce price adjustments every Monday, with the changes taking effect the following day.
They adjust their prices weekly based on the movement of MOPS—the regional pricing benchmark adopted by the deregulated downstream oil sector.
