Price rollback forecast for diesel, kerosene next week

ABS-CBN News

Posted at Jul 02 2022 12:21 PM

 Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. Mark Demayo, ABS-CBN News
Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. Mark Demayo, ABS-CBN News

MANILA – Diesel and kerosene prices could go down by as much as P3 next week, according to industry sources Saturday.

Diesel rates have increased the past four weeks; in the last week, the price went up by about P1.65.

Prices of gasoline, meanwhile, could remain steady or increase slightly. It went down by an average of P0.40 per liter in the world market but the cost of premium may cancel this. 

Here are the estimates for next week: 

  • Gasoline - P0.20 per liter
  • Diesel - P2.50 to P3 per liter
  • Kerosine - P3 to P3.40 per liter 

Oil prices fell following the announcement by the 13-nation Organization of the Petroleum Exporting Countries (OPEC) led by Saudia Arabia, and its 10 partners headed by Russia.

Major oil producers led by Saudi Arabia and Russia stuck to a previously decided output boost this week, despite calls for bigger increases to tame crude prices.

Russia's invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year.

— Report from Alvin Elchico, ABS-CBN News; Agence France-Presse

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