Consumers will benefit from a big-time price rollback at petroleum pumps next week with a scale hitting up to P3.50 per liter based on the estimates of the oil companies.
Industry players are anticipating price cuts for diesel and gasoline products at the range of P2.50 to P3.50 per liter due to the significant downtrend in global oil prices.
Oil firm PetroGazz yesterday cut prices for diesel and gasoline by P2 per liter ahead of next week’s big-time price reductions.
This is the biggest price rollback that the oil companies will implement so far this year following another sizeable reduction at the pumps just last week. The oil companies are expected to adjust their prices until Tuesday.
Prior to the anticipated hefty rollbacks, fuel prices in Metro Manila as monitored by the Department of Energy have been ranging from P45.90 to P60.26 per liter for gasoline, P40.05 to P48.34 per liter for diesel, and P44.85 to P54.65 per liter for kerosene.
In this week’s trading, Dubai crude which is the benchmark for Asian oil refiners had plunged to the level of $59 per barrel, manifesting some degree of softening compared to last week. (Myrna Velasco)
