8-week streak for oil price rollback ends

8-week streak for oil price rollback ends

- in Consumer
Image from Inquirer.

The past 8 weeks saw consistent and unabated declines in the local pump prices of fuels. The decreasing prices were a relief for consumers reeling from this year’s high inflation rate. However, the downward trend is set to end, at least partially by Tuesday, December 11. Oil companies will be increasing the price of unleaded gasoline by PHP0.40 per liter.

The price of diesel will be decreasing, however, by PHP0.10 per lite. Kerosene will also be rolled back by PHP0.45 per liter.

The conflicting trends are likely due to the plan of the Organization of Petroleum Exporting Countries (OPEC) to once again cut production volumes to arrest rapidly decreasing world crude oil prices. It has been reported that OPEC and its allies intend to reduce production by 1.2 million barrels per day, bringing the output back to between 1 million to 1.4 million barrels per day.

The overall change in fuel prices over the past 8 weeks saw oil firms rollback diesel prices by PHP10.55 per liter and gasoline prices by PHP11.85 per litter.

“After the eight consecutive rollbacks, the total year-to-date adjustments for gasoline this week reached a net decrease of PHP0.45 per liter. For diesel, the net increase was further lowered to PHP 1.60 per liter same with kerosene with PHP1.53 per liter,” the Department of Energy (DOE) said.

As of December 4, the average retail price of diesel is PHP38.10 per liter and gasoline at PHP47.10 per liter. Kerosene prices average at PHP48.27 per liter.

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