Fuel price rollback expected on Feb 7

Local oil companies are expected to implement a big rollback in the prices of petroleum products next week, an industry source said.

The source said pump prices of diesel may go down by P2.40 to P2.70 per liter and gasoline, by P1.90 to P2.20 per liter. The price of kerosene is also expected to decline by about P2 a liter.

Estimates were made based on the four-day average prices in the global market from Jan. 30 to Feb. 2.

Last week, prices of gasoline  increased by P1.30 per liter, diesel by P1 per liter and kerosene by P1.35 per liter.

Cumulative adjustments stand at P7.20 per liter for gasoline, P3.05 per liter for diesel and P4.55 per liter for kerosene.