Another fuel price rollback expected next week

Detailed summary

Another round of downward adjustments in the retail prices of petroleum products will greet motorists in the coming week.

Another round of downward adjustments in the retail prices of petroleum products will greet motorists in the coming week.

Citing estimates, based on full week (November 9 to 13) Mean of Platts Singapore trading and foreign exchange averages, an oil industry source said a rollback could be expected as follows:

• Diesel - P4.50 to P4.80 per liter• Gasoline - P2.70 to P3.00 per liter

“Diplomatic headlines continue to push oil prices lower this week despite lingering supply risks,” the source said.

“However, growing supply disruption worries as attacks on Saudi energy infrastructure and shipping through the Strait of Hormuz escalated have caused the volatile movement in oil and product prices,” the source added.

Fuel firms announce official price adjustments every Monday, to be implemented on the following day.

This week, oil companies slashed the per liter prices of gasoline by P16.80, diesel by P4.10 per liter, and kerosene by P3.70 per liter.

The latest adjustments, the 45th price movement this year, resulted in a total net increase of P55.25 per liter for gasoline, P60.53 per liter for diesel, and P57.66 per liter for kerosene. —KG, GMA News

Opening of the article, excerpted from GMA News. To read the rest, open the article on the publisher's site.