No oil price hike next week

Motorists will be safe anew from the dreaded oil price hike as industry sources assured that there will be no significant upward movement in fuel costs next week due to lower trading prices in the international market.

Based on the oil trading data from Monday to Thursday, an industry source said rollback on diesel prices will be sustained with an anticipated P1.60 to P1.80 cut per liter.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.

Gasoline, on the other hand, will have no movement to a minimum downward adjustment of only P0.05 per liter.

During a radio interview on Friday, Oil Industry Management Bureau director Rino Abad said the interest rate hike announcement of the European Central Bank along with the dampening of trading prices led to the slight rollback.

He said the industry leaders are also anticipating that the upcoming announcement of an interest hike in the United States will be favorable so that the rollback will continue.

Effective Tuesday, 19 July, oil companies slashed gasoline prices by P5 per liter and diesel by P2 per liter.

Data from the Department of Energy showed that as of 12 July, the commutative increase in diesel stood at P34.80 per liter and gasoline at P19.30 per liter.

Oil companies announce price adjustments every Monday to be implemented on the following day’s morning.

They adjust their prices weekly based on the movement of the Mean of Platts Singapore — the regional pricing benchmark adopted by the deregulated downstream oil sector.