New fuel price rollbacks seen next week

Inquirer file photo/Niño Jesus Orbeta

MANILA, Philippines — Oil companies are expected to slash the prices of fuel products for a second straight week, estimates from industry players showed.

Jetti Petroleum president Leo Bellas said on Saturday that the per-liter price of diesel may decrease by 80 centavos to P1. Gasoline may also see a price cut ranging from 20 centavos to 40 centavos per liter.

Rodela Romero, assistant director of the Department of Energy (DOE)-Oil Industry Management Bureau, also predicted downward adjustments in pump prices.

READ: Fuel price cuts to greet motorists

The DOE official said gasoline prices may go down by 30 centavos to 75 centavos a liter.

Higher price cuts can be expected for diesel and kerosene, ranging from P1 to P1.45 per liter.

Romero and Bellas said the possibility of fuel retailers reducing prices could be attributed to OPEC+’s (Organization of the Petroleum Exporting Countries and allies led by Russia) move to boost oil production levels, as well as the global trade tension. —Lisbet K. Esmael