Good news for drivers!
Fuel prices are expected to go down next week due to an increase in global oil supply.
Based on the four-day average of the Mean of Platts Singapore (MOPS) and prevailing foreign exchange rates, gasoline may become cheaper by P0.25 to P0.60 per liter, while diesel could drop by P1.25 to P1.50 per liter.
Kerosene prices may also decrease by P1.20 per liter.
Next week’s projected drop in fuel prices is largely tied to increased output from oil-producing nations, particularly the Organization of the Petroleum Exporting Countries (OPEC+).
The Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) attributed the upcoming fuel price rollbacks to OPEC+’s planned production increase of 547,000 barrels per day (bpd).
However, skepticism is growing in the oil market as the United States considers taxing buyers of Russian oil.
According to OIMB director Rodela Romero, there is a “Confusion over potential US tariffs on buyers of Russian oil, despite largely supportive US inventory data.”
Jetti Petroleum president Leo Bellas also pointed to the possible end of the Ukraine war and China’s rising production as additional reasons for lower fuel prices. (Gabriell Christel Galang)
