Motorists can expect a relief in fuel prices next week, with the Department of Energy (DOE) projecting a rollback of ₱2 to ₱3 per liter for gasoline and diesel.
DOE Assistant Director Rodela Romero confirmed that, despite short-term fluctuations, the price cut is going to happen. However, if the more than ₱3 per liter drop in international fuel prices holds through Friday, the rollback could be even bigger.
The DOE-Oil Industry Management Bureau (DOE-OIMB) provided the following estimates:
- Gasoline: Rollback of ₱3.30 to ₱3.75 per liter
- Diesel: Rollback of ₱2.90 to ₱3.40 per liter
- Kerosene: Rollback of ₱3.40 to ₱3.50 per liter
The expected rollback in fuel prices is driven by several key global factors, including: the escalating trade tensions between the U.S. and China heightening fears of a global recession; Saudi Arabia implementing a price cut for Asia-bound crude starting in May, which could further impact market pricing; and OPEC announcing plans to increase production.
Stay tuned for more updates.
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