Oil Prices Rollback Next Week After Consecutive Increases
FUEL PRICE UPDATE – Various gasoline stations in the country will implement an oil price rollback starting next week.
Filipino motorists may get a bit of relief at the pumps next week as oil companies are expected to lower fuel prices after back-to-back hikes in recent weeks.
Industry estimates point to a rollback of around P0.80 to P1.00 per liter for gasoline, P0.70 to P0.90 for diesel, and P0.85 to P1.05 for kerosene. The final cost will be confirmed on Monday and will take effect the next day.
The possible price adjustment comes after several global developments put downward pressure on oil prices. The decision of OPEC+ to boost oil production starting October has raised supply expectations.
In addition, uncertainty over the United States’ planned tariff hikes, easing concerns over Russian oil sanctions, and updates from the ongoing Russia-Ukraine conflict have all contributed to the softer market.
China has also played a role in pushing prices lower by ramping up its refinery output, adding more fuel supply to the global market. These factors together have outweighed the strong demand from the United States, Saudi Arabia’s move to raise oil prices for Asian buyers, and China’s surge in crude imports last July.
This week, local fuel companies implemented another round of price increases, P0.55 per liter for gasoline, P0.20 for diesel, and P0.10 for kerosene. It was the latest in a series of upward adjustments that have been hitting consumers since last month.
While the expected rollback next week offers some breathing room for drivers and businesses, market watchers say fuel prices remain sensitive to global changes.
Any shift in production decisions, geopolitical tensions, or demand patterns could quickly reverse the trend, making the coming weeks just as unpredictable as the last.
This is a developing report, just visit this website regularly or refresh the page for further updates.
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