Motorists can expect to recover from the recent oil price hike implemented last Tuesday as a significant decrease in fuel prices is anticipated next week.
According to Rodela Romero, Assistant Director of the Department of Energy-Oil Industry Management Bureau, fuel prices are expected to see a considerable reduction next week based on the trends in global oil trading over the past four days.
Romero estimated that gasoline prices could decrease by P1.15 to P1.35 per liter. Meanwhile, diesel could see a reduction of P2.00 to P2.20 per liter, and kerosene by P1.90 to P2.00 per liter.
“Based on the relevant news for this week, poor global demand remains one of the main drivers that makes the market bearish,” Romero explained as a reason for the anticipated rollback.
“Added to it are the Israel-Gaza ceasefire talks that ease supply fears and the production recovery support from Libya’s Sharara Oilfield,” she added.
Oil companies announce fuel price adjustments every Monday, which are then implemented on Tuesday.
Last Tuesday, August 20, the price of gasoline and kerosene increased by P1 per liter, while diesel went up by P1.20 per liter.
So far this year, gasoline prices have risen by a total of P8.05 per liter, and diesel by P5.95 per liter. Meanwhile, kerosene prices have seen a total reduction of P2.15 per liter.