Fuel Price Rollback Expected Next Week, Gas Stations Say
OIL PRICE UPDATE – Various oil firms in the country are set to implement a fuel price rollback starting next week.
Filipino motorists can expect some relief next week as oil companies are set to reduce fuel prices after a recent round of price hikes. The Department of Energy has confirmed that prices for gasoline, diesel, and kerosene are expected to drop, giving consumers a break.
According to industry experts, fuel prices will decrease as a result of a combination of factors, including easing tensions in the Middle East and a surplus of crude oil supply expected in early 2025.
Global oil demand is also expected to slow down next year due to improvements in vehicle efficiency and China’s struggling economy. These changes are likely to have a huge impact on the prices at the pump.
Here is the list of expected oil price drop next week.
- Gasoline: P0.50 to P0.75
- Diesel: P1.00 to P1.15
- Kerosene: P0.90 to P1.00
This comes after a substantial price increase in mid-October, when gasoline and diesel prices surged by over P2 per liter, and kerosene also saw a rise of P2.60 per liter.
Despite the increase, the year-to-date adjustments for gasoline and diesel have been notably higher, with gasoline increasing by P9.05 per liter and diesel by P6.75 per liter. Kerosene, on the other hand, has seen a net decrease of P2.75 per liter.
Currently, fuel prices in Metro Manila range from P50.20 to P70.20 per liter for gasoline, P46.40 to P61.00 per liter for diesel, and P67.29 to P78.14 per liter for kerosene.
The international oil market is also being influenced by global factors, including the situation in the Middle East and China’s economic difficulties, which are helping to stabilize prices.
The social media users expressed their reactions to the looming fuel price rollback:
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