Diesel seen to roll back by P7.50/L, gasoline by P1/L next week - GMA Network

Motorists should expect a sigh of relief in the coming week as pump prices are expected to roll back big-time.

Diesel - P7.00 to P7.50 per literGasoline - P0.50 to P1.00 per liter

“Oil prices fell on diplomacy hopes in the Iran war during this week’s UN General Assembly meeting, and recovering shipments from Saudi Arabia eased supply concerns,” the oil industry source said.

“The possible resumption of flows through the East-West pipeline, prompted by an increase in shipping activity in Yanbu in the Red Sea, has also pressured prices,” the source added.

Fuel price adjustments are announced every Monday, to be implemented on the following day.

This week, effective Tuesday, oil companies raised gasoline prices by P4.80 per liter, diesel by P7.80 per liter, and kerosene by P6.40 per liter. https://www.gmanetwork.com/news/money/economy/1003153/gasoline-pump-prices-up-by-over-p4-liter-tuesday-diesel-by-p7-80/story/

The source, however, said that while Iran said that it remained open to diplomacy to end the US-Iran war, the slow progress of the diplomatic talks kept prices supported.

“Furthermore, the recent Houthi missile attack on Saudi Arabia revived fears of supply disruption and pushed prices higher,” the source added. —VAL, GMA News