Minimal oil price cuts seen

Richmond Mercurio - The Philippine Star
Minimal oil price cuts seen
An attendant pumps gas at a gasoline station in Manila City on November 11, 2023.
STAR / Ernie Penaredondo

MANILA, Philippines — Pump prices could see another round of rollbacks next week, although minimal.

Department of Energy (DOE) Oil Industry Management Bureau assistant director Rodela Romero said estimates based on the first four trading days indicate that prices of gasoline could see no movement or a reduction of P0.20 per liter, while diesel could remain the same or go down by P0.30 per liter.

Kerosene, meanwhile, could also stay the same or decline by P0.15 per liter.

An oil industry source, on the other hand, said indicative price reductions range from P0.25 to P0.35 per liter for diesel, and a possible decline of between P0.15 and P0.25 per liter for gasoline.

Cleanfuel, for its part, said running trend points to rollbacks of P0.20 per liter for gasoline and P0.30 per liter for diesel next week.

Romero said the slowing demand in the US and China, as well as increase in weekly US crude inventories, are among the factors for the price reductions.

Should the forecast downward adjustments push through, it will extend the price reductions for diesel and kerosene to a fourth straight week, and that of gasoline to a third consecutive week.

The final price adjustments will be announced by oil companies on Monday, which will take effect the next day.

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