P2 fuel price rollback expected

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MANILA, Philippines — The pump prices of petroleum products are seen to drop by as much as P2.20 per liter by Tuesday. So far, year-to-date adjustments of gasoline are at a net increase of P8.05 per liter and a P5.95 per liter net increase for diesel.

READ: Big-time fuel price rollback set for Tuesday, Aug 13

According to the latest price data from the Department of Energy (DOE), gasoline currently sells from P53.70 to P74.65 per liter in Metro Manila while diesel costs from P49.80 to P64.40 per liter.

On the other hand, kerosene has a total net decrease of P2.15 per liter. Rodela Romero, director of the DOE’s Oil Industry Management Bureau, attributed the price rollback to poor global demand and the substantial increase in the production of Libya’s Al Sharara oil field. —Lisbet K. Esmael