Jumping off from harrowing price hikes, consumers could expect financial relief next week as pump prices are anticipated to be on a hefty rollback that may reach roughly P1.60 per liter for gasoline products.
This was based on the initial calculation by Laban ng Konsyumer Inc. president Victorio Dimagiba, with him stressing that “this will be a relief for consumers.”
Oil companies have qualified that such was reckoned from the outcome of four-day trading in the world market.
For diesel products, it was indicated that price reductions will be at P0.75 per liter – and the oil firms had set out the same caveat that the last trading day in the world market may still alter the final cost reductions.
“But for sure, there will be significant rollbacks in pump prices next week,” an industry source said.
It has been manifested that since benchmark Dubai crude spiked to as high as $67.55 per barrel on Sept. 17, global oil prices subsequently treaded downtrend after that and has been sustained this week.
Dubai crude dropped to $63 per barrel as of last Monday’s trading and had gone even lower to $60 per barrel at end-trading on Wednesday but it climbed to $61 per barrel on Thursday.
Softening of prices in the world market ensued following assurance from Saudi Aramco that it would be able to get back to its normal production route on or before the end of this month. (Myrna Velasco)