Metro Manila, Philippines — Motorists might expect a big-time rollback in the per-liter prices of fuel products this week.
In a message on Sunday, Aug. 25, the Department of Energy (DOE) said industry estimates for diesel show it would decrease by ₱2 to ₱2.20 per liter.
Based also on the four-day trading, the DOE forecasted per-liter prices for gasoline would go down by ₱1.15 to ₱1.35 while it will be ₱1.90 to ₱2 for kerosene.
Oil firms usually announce price adjustments on Monday for Tuesday implementation.
“Based on the relevant news for this week, poor global demand remains one of the main drivers that makes the market bearish,” the DOE said. “Added to it are the Israel Gaza ceasefire talks that eases supply fears and the production recovery support from Libya’s Sharara Oilfield.”
According to the DOE, the year-to-date total adjustment of gasoline and diesel stands at a net increase of ₱8.05 per liter and ₱5.95 per liter, respectively. Kerosene has a total net decrease of ₱2.15 per liter.
