The Department of Energy said it expects a price rollback of as much as P0.90 per liter next week to reflect the movement of prices in the world oil market.
“We will be expecting a rollback on the prices of petroleum products next week, July 30, 2024, based on the 4-day trading only,” DOE director for the oil industry management bureau Rodela Romero said.
Gasoline pump prices are expected to go down by P0.20 to P0.45 per liter, diesel by P0.40 to P0.60 per ltier and kerosene by P0.70 to P0.90 per liter.
“Final adjustments would be determined after the Friday MOPS (Mean of Platts Singapore) trading,” Romero said. MOPS is the pricing benchmark used by oil importers.
Romero said oil prices settled lower due to the easing fears of an Iran-Israel escalation after Tehran said it would not seeks to retaliate to Israel’s strike last week.
On July 23, the oil firms increased the price of gasoline by P0.10 per liter but rolled back the price of diesel by P0.40 per liter and kerosene by P0.70 per liter.
Total adjustment of the products year-to-date stood at net increase of P10.35 per liter for gasoline, P8.15 per liter for diesel and P0.50 per liter for kerosene.
As this developed, Phoenix Petroleum said it implemented an advance price rollback at its gas stations in Luzon at P0.75 per liter for diesel and P0.80 per liter for gasoline effective 6 a.m. today (Friday) to provide relief to the public in the aftermath of Super Typhoon “Carina.”
“We are committed to being of service to our customers, especially during these difficult times,” said Phoenix senior vice president Raymond Zorrilla.
“Our team is working tirelessly to restore full operations across our sites in Luzon. We want to assure the public that we have conducted thorough quality checks on our products, particularly in the affected retail stations in Luzon, and can confirm that our fuels remain safe for use,” he added.
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