Big-time fuel price rollback expected during Holy Week, says DOE

By
Carlo Juancho Funtanilla
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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:

  1. Escalating U.S.-China trade tensions, which have raised concerns of a global economic slowdown, resulting in decreased demand for crude oil;
  2. Saudi Arabia’s plan to cut its Official Selling Price (OSP) for Asia-bound crude starting May;
  3. 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.

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Carlo Juancho FuntanillaFrontend Developer, WordPress, Shopify
Contributing Editor
AMA ACLC San Pablo

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