Over P1/L rollback for diesel, up to P2/L hike for gasoline seen next week

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Motorists should expect mixed movements in pump prices in the coming week, with diesel seen rolling back while gasoline might go up by as much as P2 per liter.

Citing estimates based on full-week Mean of Platts Singapore trading and foreign exchange averages, an oil industry source said the following are the estimated fuel price adjustments next week:

• Diesel - P1.00 to P1.20 per liter (rollback)
• Gasoline - P1.80 to P2.00 per liter (hike)

"Diesel weakened on Friday after the G7 nations and partners agreed to release emergency oil and diesel stocks over the next four months, reducing the likelihood the US will move ahead with restricting diesel exports," the source said.

Meanwhile, for gasoline, the source said tight global gasoline markets continue to support prices.

Fuel firms announce official price movements every Monday, to be implemented on the following day.

This week, oil companies rolled back pump prices ranging from P0.24 to P0.30 per liter for gasoline, between P7.57 to P7.60 per liter for diesel, and from P5.85 to P5.90 per liter for kerosene. — VDV, GMA News