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Oil firms to slash prices by P2/l next week

Oil prices are expected to go down by as high as P2.70 per liter for gasoline next week, industry sources said.

Department of Energy-Oil Industry Management Bureau director Rino Abad confirmed the rollback but said it will not be as high as this week’s increase.

“For diesel, the price reduction will be over P2. There is also a rollback in gasoline and kerosene,” he said in a radio interview’

Effective March 29, 2022, oil firms hiked gasoline prices by P3.40 per liter, diesel by P8.65 per liter, and kerosene by P9.40 per kilogram.

On Friday, April 1, 2022, the price of kerosene again went up by as much as P3.27 per kilogram.

The latest price hikes brought the year-to-date adjustments at a net increase of P18.30 per liter for gasoline, P27.85 per liter for diesel, and P25.75 per liter for kerosene.

“If the peace talks between Russia and Ukraine will continue and there will be no more sanctions from the European Union, we are no longer expecting a reversal of price rollback and the stabilizing of fuel prices will continue,” Abad said.

Industry sources said prices of gasoline will go down by P2.50-P2.70 per liter; diesel by P2.00-P2.20 per liter; and kerosene by P1.70-P1.90 per kilogram.

 

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