According to Cleanfuel, the running trend as of yesterday indicated a potential decrease of P1.90 per liter for gasoline and P2 per liter for diesel.
Philippines’ MANILA It is anticipated that all gasoline products will continue to experience price reductions next week.
According to Cleanfuel, the running trend as of yesterday indicated a potential decrease of P1.90 per liter for gasoline and P2 per liter for diesel.
In an interview with dzBB yesterday, Rino Abad, director of the Department of Energy (DOE)-Oil Industry Management Bureau, also stated that there are strong indications that there will be a rollback next week, even with only four trading days completed so far.
According to Abad, the price of gasoline, diesel, and kerosene will all decrease by more than P1 per liter.
He claimed that increased COVID-19 cases in China as well as the ongoing effects of interest rate increases are among the variables causing the downward price adjustments.
If the peso had not weakened, the rollback “could have been bigger,” he claimed.
However, according to Abad, the outcomes of the OPEC+ ministerial meeting on December 4 may put an end to the ongoing price rollbacks at the pump.
He warned that “this could potentially muck up and wreck the downward price trend.”
On Monday, oil companies will make price modifications that will be effective Tuesday.
If the rollbacks go through as expected, this will be the third straight week that gasoline prices have decreased and the seventh straight week that diesel prices have decreased.
On Tuesday, the cost of diesel, gasoline, and kerosene all decreased by P3.95 per liter, P0.85 per liter, and P2.65 per liter, respectively.
Based on information from the DOE, this led to a year-to-date net increase for gasoline of P16.90 per liter, diesel of P29.90 per liter, and kerosene of P25.20 per liter.
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