Oil Price Rollback Seen Next Week, Gas Companies Say
OIL PRICE UPDATE – Various gas firms in the country are expecting a possible oil price rollback next week.
Filipino motorists may be in for some welcome relief as gasoline prices are expected to experience a significant drop in the coming week.
According to data from four days of Mean of Platts Singapore (MOPS) trading, the Department of Energy-Oil Industry Management Bureau Assistant Director, Rodela Romero, has indicated that there could be a huge rollback in gasoline prices, while diesel prices may remain unchanged or see a slight increase.
According to an official, it is estimated that gasoline prices could go down by as much as P1.60 to P1.90 per liter. On the other hand, diesel prices might either remain unchanged or see an increase of up to P0.20 per liter.
Kerosene prices are also expected to roll back, with a potential cut of P0.40 to P0.60 per liter. Meanwhile, industry sources expect that gasoline prices might drop by up to P2.00 per liter. Diesel prices, on the other hand, may rise only slightly, up to P0.30 per liter.
Assistant Director Romero attributes the expected rollback in fuel pump prices to several factors, including elevated interest rates, a stronger US dollar, and the relaxation of Russia’s fuel import ban.
“Added to it, are the fall of the US stockpile contributing to worries of tight global supplies and unexpected strong demand from China,” she said.
However, Romero additionally points out the unpredictable nature of fuel prices and the need to manage expectations.
Since January 2023, Filipino consumers have experienced significant increases in fuel prices. Gasoline prices have risen by approximately P17.30 per liter, diesel by P13.40 per liter, and kerosene by P9.44 per liter.
The social media users expressed their reactions to the expected price cuts:
