Motorists can expect significant rollbacks in fuel prices on Tuesday next week with gasoline prices projected to drop by as much as ₱14 per liter, according to the Department of Energy (DoE).
In an interview, DoE Oil Industry Management Bureau director Rino Abad disclosed that based on the first four days of trading this week, the estimated price adjustments are as follows:
• Gasoline: rollback of around ₱14 per liter
• Diesel: rollback of around ₱5 per liter
• Kerosene: rollback of around ₱5.20 per liter
Director Abad attributed the projected price reductions primarily to positive developments prompted by the United States midterm elections which raised the possibility of the opposition party gaining control of the US Congress.
He cited that the US election results appeared to have weakened expectations that the administration of US President Donald Trump would be able to pursue its policies without significant opposition.
Besides this, there are also expectations of a possible end to the US-Iran conflict which eased concerns over potential disruptions to global oil supplies.
However, Abad cautioned that the decline in oil prices may not be sustained unless it is supported by an actual recovery in physical oil supply.
In the meantime, local oil industry sources confirmed the round of oil price rollbacks next week with gasoline prices projected to decline by as much as ₱13.50 per liter and diesel prices by up to ₱4.50 per liter.
