Rollback in fuel prices seen next week

Oil companies are expected to roll back the prices of petroleum products, industry sources said. Rino Abad, director of the Department of Energy’s Oil Industry Management Bureau, said the price of gasoline is expected to decrease by P0.80 to P1 per liter and diesel by a bigger decline of P2.10 to P2.40 per liter. He also said kerosene might drop by P1.90 to P2.10 per liter. An industry source pegged next week’s pump price rollback at P2.20-P2.40 per liter for diesel and P0.90-P1.10 per liter for gasoline. “Diesel should go down by P2.10 to P2.30 per liter. Gasoline should go down by P0.80 to P0.90 per liter,” according to Unioil. Abad attributed the projected drop in pump prices to the weakened demand in China amid rising COVID-19 cases.