Oil price rollback as much as P2/liter likely next Tuesday to snap 3-wk hike READ MORE:
The rollback will put an end to three consecutive weeks of oil price hikes for gasoline and diesel, which reached a total of P5.05 per liter for gasoline and P3.75 per liter for diesel.
Romero said gasoline prices will likely go down by almost P2 per liter and diesel and kerosene by more than P2 per liter. Sources said world oil prices were also influenced by reports that Russian exports remained strong and the decision of the Organization of the Petroleum Exporting Countries and its allies not to cut production, contrary to market expectations.
This resulted in a total net increase this year of P7.20 per liter for gasoline, P3.05 per liter for diesel, and P4.45 per liter for kerosene.Energy Undersecretary Rowena Guevara said this would take into account an increase in renewable energy, which can be affected by many variables.
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