Fuel prices likely to dip by P1 per liter this week
Good news awaits motorists this coming week as local pump prices are tipped to decrease by up to P1 per liter following weeks of price hikes.
In an advisory over the weekend, Unioil said the price of diesel is projected to drop by 40 centavos per liter to 60 centavos per liter and gasoline by 70 to 90 centavos per liter.
Jetti Petroleum provided similar projections, with diesel dropping by 40 to 60 centavos per liter and gasoline by 80 centavos to P1 per liter.
Earlier, the Department of Energy (DOE) estimated a rollback of 20 to 55 centavos per liter for diesel and 70 centavos to P1 per liter for gasoline, while kerosene is seen to go down by 40 to 50 centavos per liter.
The DOE provided the estimated fuel price movement based on the four-day trading in the Mean of Platts Singapore, the regional benchmark used in the Philippines and countries in Southeast Asia in pricing fuel products.
DOE Oil Industry Management Bureau director Rodela Romero said this can be attributed to the re-opening of refineries and ports in the US Gold Coast last Wednesday following a winter storm.
Both Romero and Jetti Petroleum president Leo Bellas said the uncertainty over the proposed tariffs of US President Donald Trump could affect global economic growth and demand for energy.
Bellas also cited the easing of geopolitical tensions in the Middle East, which could possibly lighten disruptions to the shipping route along the Red Sea as well as the easing of diesel and gasoline price benchmarks as regional supply remains sufficient.
Last week, oil companies jacked up gasoline by P1.65 per liter, diesel by P2.70 per liter and kerosene by P2.50 per liter, the third consecutive week of fuel price hikes.
According to the DOE’s price monitoring, gasoline has a total net increase of P3.45 per liter, diesel at P5 per liter and kerosene at P4.30 per liter.
