Motorists can expect a major rollback in fuel prices next week, according to the Department of Energy (DOE).
“Based on the four-day trading in MOPS (Mean of Platts Singapore), we will be experiencing a rollback in the prices of petroleum products by next week,” said DOE-Oil Industry Management Bureau Assistant Director Rodela Romero.
Expected Price Adjustments
The anticipated reductions in fuel prices per liter are as follows:
- Gasoline: ₱1.40 to ₱1.70
- Diesel: ₱0.90 to ₱1.20
- Kerosene: ₱1.50 to ₱1.70
Reasons Behind the Price Rollback
According to the DOE, the decline in fuel prices is influenced by several global factors, including:
- The increase in commercial crude oil stockpiles in the United States
- OPEC+ plans to boost oil production by April
- US trade tariffs on Canada, China, and Mexico, which have intensified trade conflicts
Fuel Price Updates and Implementation
Oil companies typically announce price adjustments every Monday, with the changes taking effect the following day.
For instance, on Tuesday, March 4, oil firms lowered fuel prices as follows:
- Gasoline: Decreased by ₱0.90 per liter
- Diesel: Decreased by ₱0.80 per liter
- Kerosene: Decreased by ₱1.40 per liter
With next week’s expected bigger price cuts, motorists will experience some relief amid fluctuating fuel costs.
