Motorists may soon benefit from a new reduction in fuel prices, with anticipated rollbacks expected in the upcoming week.
Director III Rodela Romero of the Department of Energy’s Oil Industry Management Bureau has revealed that recent international trading data over four days suggests several adjustments to petroleum product prices are likely.
The forecasted changes include:
- Gasoline - no adjustment or rollback of 0.20 per liter
- Diesel - rollback of 0.20 to 0.40 per liter
- Kerosene - rollback of 0.30 to 0.35 per liter
"The downward pressure is attributed to the weakening demand from China and the plans of OPEC+ to increase supplies in the world market," Romero noted.
"On the other hand, crude oil futures extended gains yesterday due to the escalating geopolitical risk from renewed conflict in the Middle East and the lower US crude inventories," she furthered.
These adjustments are a result of fluctuations in global oil markets and aim to provide some relief to consumers.
Meanwhile, oil companies announce the official price adjustments every Monday for the week ahead, with changes taking effect the following day.
