Expect a mix of rollbacks and increases in pump prices this week as an anticipated oil price rally failed to materialize.
PTT Philippines said it will implement a 50-centavo rollback on diesel prices per liter and an increase of 50 centavos per liter on gasoline starting 6 a.m. on Tuesday.
Other oil firms have yet to make formal announcements but are expected to implement similar price adjustments.
Including this week’s price movements, gasoline prices have had a net increase of P4.97 per liter and diesel, P1.51 per liter, since January 2015. Household LPG remained at a net decrease of P4.60 per kilogram.
Last week, most oil companies implemented an increase of 35 centavos per liter for gasoline and 15 centavos per liter for diesel.
The recent uptick in oil prices has fed expectations of a price rally, but actual price hikes have yet to reflect this.
It appears that oversupply is still prevalent, or at least enough to overwhelm demand.