DOE Eyes Oil Price Rollback Next Week

FUEL PRICE UPDATE – The Department of Energy is expecting an oil price rollback starting next week.

Motorists can expect another round of fuel price cuts next week as local oil companies prepare to implement a rollback. The Department of Energy (DOE) has indicated that prices of gasoline, diesel, and kerosene will be reduced for the second consecutive week.

Based on trading data from the Mean of Platts Singapore (MOPS), fuel prices are projected to decrease on March 11. Gasoline prices may drop by P1.40 to P1.70 per liter, while diesel could see a reduction of P0.90 to P1.20 per liter. Kerosene is also expected to be cheaper by P1.50 to P1.70 per liter.

The decline in global oil prices is driven by several key factors. A buildup in the United States’ crude stockpiles has increased supply, contributing to lower prices. Additionally, OPEC+ member countries plan to boost oil production by April, further easing supply concerns.

Meanwhile, trade tariffs imposed by the United States on Canada, China, and Mexico have affected demand, putting downward pressure on fuel costs.

Local fuel companies typically announce price adjustments every Monday, with the changes taking effect the following day. This upcoming rollback follows a recent price reduction on March 4, when gasoline dropped by P0.90 per liter, diesel by P0.80 per liter, and kerosene by P1.40 per liter.

The DOE continues to monitor global oil market trends to assess their impact on local fuel prices. With another price drop, consumers can expect some relief at the pump in the coming week.

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