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MANILA, Philippines — Good news awaits motorists following successive price increases in gasoline as oil companies are tipped to slash local pump prices by less than a peso this coming week, according to industry sources.
In an advisory over the weekend, Unioil said the price of diesel should go down by 30 centavos to 40 centavos per liter and gasoline by 10 centavos to 20 centavos per liter.
Rodela Romero, director of the Department of Energy’s Oil Industry Management Bureau, said gasoline prices might drop by 20 centavos to 45 centavos based on the four-day global trading.
The energy official said diesel prices could decrease by 40 centavos to 60 centavos per liter and kerosene by 70 centavos to 90 centavos per liter.
“Oil prices settled lower due to easing fears of an Iran-Israel escalation after Tehran said it would not seek to retaliate to Israel strike last week,” Romero said.
READ: Oil firms hike diesel price by 95¢ per liter, gasoline by 40¢
Price projections
“Added on the said relief on the oil markets are the uncertainty in the demand outlook and the continuous increase in the inventory of crude of the [the United States],” she added.
Romero, however, said energy analysts believe the volatility on oil prices still prevails.
Next week’s price projections, if implemented, would mark the first time that companies slashed the prices of petroleum products after raising gasoline prices for six consecutive weeks.
On Tuesday, gasoline prices rose by 55 centavos a liter but decreased that of diesel and kerosene by 95 per liter and P1.10 per liter, respectively.
This brings the year-to-date adjustment of gasoline to P10.25 per liter. For diesel, the aggregate increase reached P6.05 a liter and kerosene at P1.15 per liter.