Fuel prices expected to drop for second week in a row

FILE PHOTO

MANILA, Philippines — Motorists are in for another treat as oil companies are expected to significantly reduce the pump prices of petroleum products next week.

An industry source said the price of diesel might drop by P2.10 to P2.30 per liter and gasoline by P5.40 to P5.60 per liter, based on the average of trading data from July 11 to July 15.

Oil firm Unioil provided almost similar projections with the price of diesel expected to decline by P1.90 to P2.10 per liter and gasoline by P4.60 to P4.80 per liter.

Rino Abad, director of the Department of Energy’s (DOE) Oil Industry Management Bureau, said the department expects kerosene prices to slightly drop by 50 centavos per liter.

Abad said kerosene prices in the global market were slightly down but the reduction was offset by the depreciation of the Philippine peso against the US dollar.

He attributed the projected rollback in local pump prices next week to the intermittent lockdowns in China and interest rate hikes in the United States and other countries.

“Probably if that happens, the rollback in prices might continue even after next week,” he added.

Last week, the price of gasoline went down by P5.70 per liter, diesel by P6.10 per liter and kerosene by P6.30 per liter.

Data from the DOE showed that in Metro Manila, gasoline retails for P76.45 to P96.15 per liter while diesel is sold for P81.20 to P95 per liter. Kerosene, used for cooking and lighting, ranges from P86.34 to P95.74 per liter.

Any adjustment in domestic fuel prices is announced every Monday, which is then implemented the following day.

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