Big Time Gasoline Price Rollback Monday

Pump prices are set to go down for the second week in a row, but this time private motorists will be the big winners owing to a big drop in the price of unleaded gasoline effective 6 a.m., Monday (Oct. 22).

At least one oil firm disclosed as early as Saturday afternoon that gasoline prices are going down by PHP1.85 per liter, while diesel will be rolled back by a more modest PHP0.90 per liter.

This follows downward price adjustments of PHP0.85/liter of gasoline and PHP0.65/liter of diesel implemented last Oct. 15.

An oil executive said a big time rollback in diesel prices will likely make more of an impact because it fuels mass transportation, while gasoline is used mainly by private vehicle owners.

Nonetheless, any rollback in the prices of petroleum products is a welcome development, especially if it turns out to be sustainable, the executive added.

However, the oil executive added that while the latest figures on oil market futures forecast substantial softening in world crude prices next year, it remains to be seen what direction it will take before yearend, as winter season in Europe and North America creeps in.

International prices of oil cyclically shoots up during winter due to a big demand for heating fuel, it was explained. (PNA)