• CHERYL G. CRUZ
After several weeks of consecutive big-time oil price hikes, expect diesel to go down by P0.20 to P0.30 per liter, gasoline by P0.60 to P0.80/L, and kerosene by P0.20 to P0.60/L, starting tomorrow, Feb. 13.
Oil companies announced over the weekend the second rollback for this year, with exact adjustments to be known today.
The first rollback took effect Jan. 2, with decreases in the prices of diesel, gasoline, and kerosene by P0.35/L, P0.10/L, and P1.40/L, respectively.
Since the start of this year, diesel logged a net increase of P4.40/liter, gasoline by P5.15/L, and P0.85/L for kerosene.
The Department of Energy said in its Oil Monitor that the “week-on-week price of Dubai crude has increased by around $1.50 per barrel; MOPS gasoline, diesel and kerosene also rose by about $1.30, $3.25, and $2.00 per barrel, respectively”.
Prices rose on continued tensions in the Middle East despite the increase in US crude oil inventories, as well as the escalating geopolitical tensions in the Red Sea and Russia, it added. | CGC
