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After a round of over P2 per liter hikes, motorists should expect a sigh of relief as pump prices are seen to be reduced next week.Citing industry estimates based on fuel trading in the last four days, Department of Energy-Oil Industry Management Bureau Assistant Director Rodela Romero said that “we will be expecting a rollback in the prices of petroleum products.”The estimated per liter downward adjustments are as follows: Gasoline - P0.50 to P0.75 Diesel - P1.00 to P1.15 Kerosene - P0.
Fuel firms announce the official per liter adjustments in pump prices every Monday, to be effective in the following day.Effective last Tuesday, October 15, oil companies implemented a hike of P2.60 to P2.65 per liter for gasoline, P2.70 per liter for diesel, and P2.60 per liter for kerosene.The latest round of increase brought the year-to-date total price adjustment of gasoline and diesel to stand at a net increase of P9.05 per liter and P6.75 per liter, respectively.