Rollback in fuel prices expected next week

FILE PHOTO | A tricycle driver searches his pocket for bills and coins to pay for fuel at a gasoline station on E. Rodriguez Avenue in Quezon City. (File photo by NIÑO JESUS ORBETA / Philippine Daily Inquirer)

MANILA, Philippines – Oil companies are expected to roll back the pump prices of fuel next week.

“Diesel should go down by P1.20 to P1.40 per liter. Gasoline should go down by P0.40 to P0.50 per liter,” said Unioil in its advisory.

Another source pegged next week’s price decrease at P1.30 to P1.50 per liter for diesel and P0.30 to P0.50 per liter for gasoline.

The projections are based on the average Mean of Platts Singapore (MOPS) trading from Sept. 5 to Sept. 9. The oil industry uses MOPS, the daily average of all trades between buyers and sellers of refined petroleum products.

Rino Abad, bureau director of the Department of Energy’s Oil Industry Management, said kerosene may go down by P1.93 per liter.

Abad also said the Organization of the Petroleum Exporting Countries and its allies’ move to cut production by 100,000 barrels per day would have a “very minimal impact” on prices.

—JORDEENE B. LAGARE

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