Motorists can look forward to a significant drop in fuel prices this Holy Week, based on projections released Friday by the Department of Energy (DOE).
According to DOE-Oil Industry Management Bureau (OIMB) Assistant Director Rodela Romero, the estimated price reductions based on the four-day trading average from the Mean of Platts Singapore (MOPS) are as follows:
- Gasoline: rollback of ₱3.30 to ₱3.75 per liter
- Diesel: rollback of ₱2.90 to ₱3.40 per liter
- Kerosene: rollback of ₱3.40 to ₱3.50 per liter
Romero explained that several international developments are contributing to the expected fuel price drop:
- Escalating U.S.-China trade tensions, which have raised concerns of a global economic slowdown, resulting in decreased demand for crude oil;
- Saudi Arabia’s plan to cut its Official Selling Price (OSP) for Asia-bound crude starting May;
- OPEC’s decision to boost oil production, increasing its output commitment from 135,000 barrels per day to 441,000 barrels per day beginning in May.
Fuel companies are expected to announce official per-liter price adjustments on Monday, which will then be implemented on Tuesday.
Earlier this week, oil firms implemented a minor rollback in fuel prices, continuing a trend that could offer some relief to Filipino consumers during the busy Holy Week travel period.
Carlo Juancho FuntanillaFrontend Developer, WordPress, Shopify
Contributing Editor
AMA ACLC San Pablo
- Carlo Juancho Funtanillahttps://tutubi.ph/author/carlojpf/
- Carlo Juancho Funtanillahttps://tutubi.ph/author/carlojpf/
- Carlo Juancho Funtanillahttps://tutubi.ph/author/carlojpf/
- Carlo Juancho Funtanillahttps://tutubi.ph/author/carlojpf/
