Motorists can expect further reductions in fuel prices next week, according to estimates released by the Department of Energy (DOE).
Rodela Romero, Assistant Director of the DOE’s Oil Industry Management Bureau, stated that based on international trading over the past four days, gasoline prices may either remain unchanged or drop by P0.30 per liter. Meanwhile, diesel and kerosene prices are projected to decrease by P0.20 to P0.50 per liter and P0.10 to P0.25 per liter, respectively.
Several factors are influencing these expected price changes. Romero pointed to a recent announcement by Saudi Aramco, the world’s largest oil exporter, which indicated a price hike for buyers in Asia for March delivery, driven by rising demand from China and India as well as the impact of US sanctions on Russian oil supplies. She also noted that OPEC’s production fell in January due to reduced output from Iran and Nigeria, and the market is adjusting to US President Donald Trump’s plans to impose tariffs on Canada, Mexico, and China.
Oil companies announce their official price adjustments every Monday, with new prices taking effect on the following day.
Earlier this week, fuel firms raised gasoline prices by P0.70 per liter but reduced diesel prices by P1.15 per liter and kerosene by P0.90 per liter.
Motorists are advised to monitor the price changes as the official fuel price adjustments will be made public on Monday.
