Fuel price rollback forecasted

CITY OF SAN FERNANDO --- A small rollback in the prices of fuel is forecasted between September 26 to October 2, 2023, according to the Department of Energy and industry sources.

The rollback, although "small," is projected to come after 10 straight weeks of increases for gasoline and 11 weeks for diesel and kerosene.

Oil firms led by Unioil Petroleum Philippines, Inc. said that diesel may go down by ?0.20 to ?0.40 per liter, while gasoline may decrease by ?0.15 to ?0.35 per liter.

The DOE's Oil Industry Management Bureau said that after a series of increases on the prices of petroleum products, motorists will be expecting mixed movements based on the four-day trading.

For gasoline there is no movement or a little increase or rollback.

Diesel and kerosene have a high chance for rollback ranging from P0.50 to P0.75 per liter.

The DOE said these may still change depending on the results of the September 22 trading and other factors in the world market.

The adjustment is attributed to the warning of the US Federal Reserves on higher interest rates.

Expectations of tight supply still presented a positive outlook for crude, the DOE said.

DOE data shows that as of September 21, the current price of gasoline runs from P63.05 to P83.75 per liter, diesel from P62.95 and P74.04 per liter, and kerosene from P80.75 to P93.09 per liter.

Last week, oil firms jacked up the prices of gasoline by P2.00, diesel by P2.50, and kerosene by P2.00.

The agency said these price adjustments have resulted in a year-to-date increase of gasoline by P17.50 per liter, diesel by P13.60 per liter, and kerosene by P9.94 per liter.

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