PRICES of petroleum products are to be rolled back next week.
Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said the price per liter of gasoline may be slashed by P1.00 to P1.20.
For diesel, a per liter price rollback of P0.40 to P0.60 may be implemented.
Kerosene prices, meanwhile, may go down by P0.45 to P0.65 per liter.
Romero, however, said Friday’s oil trading might change the projected pump price adjustments.
“Reasons for rollback are the buildup of US crude inventories and the increase of US oil production and the slowing oil demand growth,” the Energy official said.
Although, she said that several reasons still make the oil market on a bullish mode such as the Israel-Hamas tension; the production cut of Organization of Petroleum Exporting Countries (OPEC) members, and India’s oil demand growth.
Fuel price adjustments are usually announced every Monday, to be implemented on the following day.
metrosundaily
