Christmas has indeed come early for Filipinos.
Motorists and the public should expect a big reduction in fuel pump prices on Tuesday (August 27), as weak global demand and ceasefire talks in Gaza drove pump prices down.
After a round of increases this week, motorists should expect a big-time reduction in pump prices in the coming week.
Citing industry sources, Department of Energy (DOE) assistant director Rodela Romero said oil prices are expected to drop by the following amounts next week:
Gasoline -- P 1.15 to P1.35 per liter
Diesel -- P2.00 to P2.20 per liter
Kerosene -- P1.90 to P2.00 per liter
Romero commented, "Based on the relevant news for this week, poor global demand remains one of the main drivers of the market's bearishness. Added to it are the Israel-Gaza ceasefire talks that ease supply fears and the production recovery support from Libya's Sharara Oilfield.
Oil companies usually issue price adjustments every Monday for implementation the following day.
On August 20, oil companies increased the per-liter prices of gasoline and kerosene by P1.00, while diesel prices increased by P1.20 per liter.
The latest price movements brought the year-to-date total adjustments of gasoline and diesel to a net increase of P8.05 per liter and P5.95 per liter, respectively.
Meanwhile, kerosene has a total year-to-date net decrease of P2.15 per liter.
According to the latest data from the DOE's price monitoring, the prevailing retail prices of gasoline range from P53.70 to P74.65 per liter, diesel from P49.80 to P64.40 per liter, and kerosene from P70.49 to P83.70 per liter in Metro Manila.
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