- CHERYL G. CRUZ
The first rollback in the prices of petroleum products for this month is set on Tuesday, June 6.
Oil companies announced over the weekend that diesel should go down by P0.20 to P0.30 per liter, gasoline by P0.40 to P0.60/L, and kerosene by P0.40 to P0.65/L.
The exact adjustments will be known today, June 5, as oil companies usually implement a price movement every Tuesday.
On May 30, oil companies implemented a per liter increase of P1.10 for gasoline, while the price of kerosene dropped by P0.60 per liter. There was no movement effected on the price of diesel.
Petron, meanwhile, implemented a P6.20/kg rollback in LPG prices, and autoLPG by P3.47/L effective June 1, to reflect the international contract price of liquefied petroleum gas for the month of June.
These price adjustments resulted in a net decrease for diesel of P5.05/L, and kerosene of P6.75/L, while gasoline logged a net increase of P6.10/liter since the start of this year, the Department of Energy Oil Monitor showed.
“The week-on-week price of Dubai crude has increased by around $1.25/bbl,” the DOE said, adding that “MOPS gasoline also increased by about $2.80/bbl while MOPs kerosene decreased by nearly $1.00/bbl”.
US crude inventories saw a sharp week-on-week drawdown, but price increases were tamed by reports on the US dollar index that strengthened to a two-month high on expectations that US interest rates will likely remain elevated for longer, pressuring dollar-denominated assets like oil futures, it added./CGC
