Motorists can expect slight relief at the pump as fuel prices are projected to decrease next week, according to industry estimates based on global trading trends.
Department of Energy (DOE) Oil Industry Management Bureau Assistant Director Rodela Romero stated that gasoline prices may either remain unchanged or decrease by as much as P0.30 per liter. Meanwhile, diesel is expected to roll back from P0.20 to P0.50 per liter, and kerosene could drop by P0.10 to P0.25 per liter.
These expected adjustments reflect the recent movements in the global oil market, influenced by several key factors:
- Saudi Aramco’s Pricing Strategy – The world’s leading oil exporter, Saudi Aramco, recently announced price increases for its Asian buyers for March deliveries. This move comes amid rising demand from China and India while US sanctions continue to disrupt the supply of Russian oil.
- Declining OPEC Production – The Organization of the Petroleum Exporting Countries (OPEC) reported lower production levels in January, with reduced output from Iran and Nigeria, contributing to fluctuations in global supply and demand dynamics.
- Market Reactions to US Tariff Policies—The oil market is also reacting to US President Donald Trump’s proposed tariffs on key trading partners, including Canada, Mexico, and China, which could have broader implications for international trade and fuel pricing.
Local oil companies typically announce official fuel price adjustments every Monday, with the changes taking effect the following Tuesday.
This anticipated rollback follows the mixed price adjustments implemented earlier this week. Gasoline prices rose by P0.70 per liter, while diesel and kerosene dropped by P1.15 and P0.90 per liter, respectively.
With global oil markets remaining volatile, motorists must stay updated on fuel price trends and plan their fuel consumption accordingly.