Motorists can expect lower fuel prices next week after several weeks of consecutive price increases.
The Department of Energy’s Oil Industry Management Bureau (DOE-OIMB) reported that international oil trading in the past four days points to a rollback of around P0.17 per liter for gasoline, P0.54 for diesel, and P0.47 for kerosene.
DOE-OIMB Assistant Director Rodela Romero said movements in the global oil market triggered the projected rollback.
She cited growing concerns of oversupply as global production threatens to outpace demand, the increase in U.S. crude inventories, and developments such as the Israel–Hamas ceasefire plan and the looming U.S. government shutdown, which have affected global trading sentiment.
Fuel companies will announce the exact price adjustments on Monday, to take effect the following day.
On October 7, petroleum retailers raised pump prices by P0.20 per liter for gasoline, P0.80 for diesel, and P0.20 for kerosene, extending the streak of price hikes that strained motorists’ budgets.
Next week’s expected rollback will end the upward trend and offer brief relief to consumers still recovering from previous increases.*
Reymund Titong is a Filipino journalist steadily building his voice in the field of news reporting, driven by a commitment to tell meaningful and relevant stories.
He serves as a correspondent for Rappler, contributes to Negros Daily Bulletin, and maintains a blog on Medium.