Fuel price rollback expected this week

CITY OF SAN FERNANDO --- The Department of Energy (DOE) Oil Industry Management Bureau announced over the weekend that a rollback of up to P1 in the prices per liter of fuel is expected on Tuesday, this week.

In its monitoring site, the DOE said that the price of gasoline may decrease from P1 to P1.20 per liter, diesel by P0.40 to P0.60 per liter, and kerosene by P0.45 to P0.65 per liter.

The rollback comes after fuel prices increased by P0.75 per liter for gasoline, P1.50 per liter for diesel, and P0.75 to P0.80 for kerosene last February 6.

But the decreases might still change depending on the recent four-trading of the Mean of Platts Singapore, which is among factors in estimating the prices of fuel, the agency stressed.

Other reasons for the predicted price adjustments include buildup of US crude inventories, increase of US oil production and the slowing oil demand growth, the Israel-Hamas tension, the production cut of Organization of Petroleum Exporting Countries member countries and increased oil demand in India.

Currently, the year-to-date adjustments for fuel stands at net increases of P5.15 per liter, P4.40 per liter, and P0.85 per liter for gasoline.

Fuel firms are expected to announce the final price decrease on Monday.

The price adjustments will be implemented on Tuesday, February 12.

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