Rollback of fuel prices seen next week

FILE PHOTO

MANILA, Philippines — Following a hefty oil price hike, fuel prices may roll back next week.

An industry source said oil companies may reduce the price of diesel by P1.70 to P2 per liter and that of gasoline by P3 to P3.30 per liter.

The projections, the source noted, were based on the average Mean of Platts Singapore (MOPS) trading from Aug. 29 to Sept. 2.

The industry uses MOPS, the daily average of all trades between buyers and sellers of refined petroleum products. Unioil expects the price of diesel to drop by P1.50 to P1.70 per liter and gasoline by P2.50 to P2.70 per liter.

Kerosene, used for lighting and cooking, is seen to go down by P1.80 per liter, said Rino Abad, director of the Department of Energy’s Oil Industry Management Bureau.

Abad cited various factors why local pump prices may decline next week, such as slowing global growth and new COVID-19 lockdown measures in China, which could slash the global demand for crude.

Last week, pump prices of diesel and kerosene rose by P6.10 per liter each and gasoline by P1.40 per liter.

—JORDEENE B. LAGARE

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