Fuel price rollback forecast for 2nd straight week
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Fuel prices are projected to go down next week as global events influence the markets.
Local oil industry sources said that gasoline prices could go down between P1.40 and P1.70 per liter, diesel between P0.90 and P1.20 per liter and kerosene between P1.50 and P1.70 per liter.
These estimates are based on the 4-day trading of Mean of Platts, Singapore (MOPS), the pricing basis of refined goods in Southeast Asia.
Department of Energy Oil Industry Management Bureau (DOE-OIMB) Director Rodela Romero said based on the four-day trading at MOPS, the rollback was attributed to the “oil market’s reaction to the US build up of commercial crude stockpiles, the decision of the Organization of Petroleum Exporting Countries + (OPEC+) to increase output starting this April; and US tariffs on Canada, China and Mexico.”
“Oil prices declined on concerns that the US tariffs, and counter-tariffs by affected countries, will slow down economic growth and reduce fuel demand. Moreover, the decision by OPEC+ to raise output starting in April 2025 and the more-than-expected rise in US oil inventory further weighed on oil prices as well,” Jetti Petroleum president Leo Bellas said.
