Motorists can anticipate a significant reduction in fuel prices, particularly diesel, based on recent market assessments and government announcements.
A notable rollback on the prices of petroleum products, especially diesel, is expected next week for motorists. This projection is based on the Mean of Platts Singapore (MOPS) trading data over the past four days combined with the average foreign exchange rates, according to a source from the oil industry. The expected reductions are approximately PHP 17.00 to 19.00 per liter for diesel and PHP 2.00 to 3.00 per liter for gasoline.
MOPS represents average daily price assessments for refined petroleum products such as gasoline and diesel traded in Singapore, a key oil trading hub in Asia. The Department of Energy (DOE) also indicated that starting this Wednesday, a rollback in oil prices is anticipated next week. They noted that despite threats by US President Donald Trump to block the reopening of the Strait of Hormuz amid failed talks with Tehran to resolve Middle East tensions, these dynamics have not significantly impacted the international oil market.
Fuel retailers announce official price changes every Monday, which take effect the following Tuesday. This week, oil companies reduced gasoline prices by PHP 4.00 to 6.50 per liter, while diesel and kerosene prices dropped by PHP 20.00 to 23.00 and PHP 8.50 to 11.50 per liter, respectively.
The DOE and industry sources’ information aims to keep motorists informed on expected changes in fuel costs. These adjustments may influence transportation expenses but also provide relief amid fluctuating global market conditions.
Sources referenced:
- https://www.gmanetwork.com/news/balitambayan/balita/984329/panibagong-rollback-sa-presyo-ng-mga-produktong-petrolyo-posible-sa-susunod-na-linggo/story/