DOE Eyes Oil Price Rollback Next Week
FUEL PRICE UPDATE – Various gasoline stations in the country are set to impose an oil price rollback starting next week.
After seven straight weeks of fuel price hikes, Filipino motorists can finally expect a bit of relief next week as oil companies are set to implement a slight rollback in pump prices.
According to the Department of Energy (DOE), global trading trends indicate a possible decrease in the prices of major fuel products. Based on early monitoring, the estimated rollback is around P0.17 per liter for gasoline, P0.54 for diesel, and P0.47 for kerosene.
The DOE explained that the adjustment comes as global oil supply continues to rise. Iraq has resumed exporting oil from its Kurdish region, while the Organization of the Petroleum Exporting Countries and its allies (OPEC+) also announced plans to increase production by more than 130,000 barrels per day starting November.
These developments have helped reduce prices in the world market.
Adding to the lower trend, the United States reported an increase in its oil reserves amid its government shutdown, while the ceasefire between Israel and Hamas has helped calm market uncertainties in the Middle East.
However, the DOE noted that the final changes may still vary, particularly for gasoline, since other factors like business costs and premium pricing are not yet reflected in the estimates. Diesel and kerosene, on the other hand, are expected to have a clearer rollback.
Fuel companies are expected to announce the new price adjustments on Monday, which will take effect the following day.
For many drivers, the expected price cut is a welcome breather after weeks of constant increases. Even if the rollback is small, it still offers some relief to commuters and transport operators who have been feeling the burden of higher fuel costs in recent weeks.
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