Fuel rollback seen extending, diesel could dip below P100/L

Another round of fuel price rollbacks may be on the horizon next week, and if the current trend holds, diesel prices could ease back below the P100-per-liter mark after weeks of elevated fuel costs.

In a radio interview on Thursday, Energy Secretary Sharon S. Garin signaled cautious optimism over the likelihood of another fuel price rollback next week.

“It looks like there’s hope. We observe five days, and we’re only in the middle of that—just three days of the market have closed so far, so there are still two days to go,” Garin said.

“The first three days have been good, but I don’t want to make any predictions yet. The trend seems to be holding at lower levels or even declining further. Hopefully, it stays that way over the next two days so we can have another rollback next week. I just hope it won’t reverse on Thursday and Friday,” she added.

Citing Monday to Wednesday trading at the regional benchmark, industry sources who requested anonymity said diesel prices could plunge by P18 to P20 per liter, potentially pulling prevailing pump rates further down to P86.11 to P137.11 per liter, depending on location and retailer.

Gasoline may also see a modest cut of P2 to P3 per liter, which could bring prices to around P78.57 to P112.57 per liter.

While the anticipated rollback signals some relief for motorists, actual pump prices will continue to vary across stations and locations under the country’s deregulated pricing scheme.

For the first time since the outbreak of the Middle East war, pump prices moved lower this week, with diesel declining by around P20 to P23 per liter, gasoline by P4 to P6.50 per liter, and kerosene by roughly P8.50 to P11.50 per liter.

Since the start of the year, gasoline prices have ballooned to P50.20 per liter, kerosene by PP78.70 per liter, and diesel by a whopping P89.85 per liter.

Last week, Dubai crude decreased by around $8.00 per barrel. Refined products followed suit, with gasoline also down by about $8.00 per barrel, kerosene by $11.00 per barrel, and diesel posting the steepest decline at $28.00 per barrel.