Consumers can expect a big-time oil price rollback across all petroleum products next week of as much as P1.35 per liter to reflect the movement of prices in the world oil market.
Department of Energy director for the oil industry management bureau Rodela Romero said that based on the four-day trading in the Mean of Platts Singapore (MOPS), the benchmark used by oil importers, a rollback in the domestic pump prices will be experienced by motorists next week.
Romero said estimated adjustments range from P1 to P1.30 per liter for gasoline, P1 to P1.30 per liter for diesel and P1.20 to P1.35 per liter for kerosene.
She said world oil prices softened this week due to sluggish demand from China and the US and reports indicating the Organization of Petroleum Exporting Countries and its allies (OPEC+) plans to boost output by 180,000 barrels per day in October.
She said the recovery to Libyan oil production, which increases available supply, also affected world oil prices.
On September 3, the oil firms increased pump prices by P0.70 per liter for kerosene, P0.50 per liter for gasoline and P0.30 per liter for diesel.
Year-to-date, total adjustment of gasoline and diesel stands at a net increase of P7.40/liter and P4.35/liter, respectively. However, kerosene has a total net decrease of P3.30/liter.
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