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After a round of increase this week, motorists should expect a big-time reduction in pump prices in the coming week.Citing industry estimates based on oil trading in the past four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said “motorists will experience another rollback in the prices of petroleum products next week.”The estimated downward adjustments are as follows: Gasoline - P1.15 to P1.35 per liter Diesel - P2.00 to P2.
“Added to it are the Israel Gaza ceasefire talks that ease supply fears and the production recovery support from Libya’s Sharara Oilfield,” she added.Fuel firms usually announce the final per liter adjustments in pump prices every Monday, to be implemented on the following day.Effective Tuesday, August 20, oil companies hiked the per-liter prices of gasoline and kerosene by P1.00 while diesel prices were increased by P1.20 per liter.
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