P1/liter fuel rollback seen

The Department of Energy (DoE) has confirmed Friday that motorists can expect rollbacks in gasoline and diesel prices next week.

DoE-Oil Industry Management Bureau director Rino Abad said the expected rollback in both gasoline and diesel would be more than P1 per liter.

Abad said this was due to the recent monetary policy tightening implemented by the US Federal Reserves late last month.

Based on oil trading monitoring, from 1-4 August using Mean of Platts Singapore (MoPS), industry sources said the price of diesel may be slashed from P1.70 to P2.00 per liter, while pump prices of gasoline are seen to drop from P1.50 to P1.80 per liter.

The MoPS are being used by the local oil industry as the daily average of all trading transactions among buyers and sellers of petroleum products.

Oil companies usually announce price adjustments every Monday, effective Tuesdays.

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