Daily TribuneThe weak performance of China’s economy also played a significant role, with investors maintaining a pessimistic outlook on the country’s oil demand.
(FILE PHOTO) A pump attendant serves a client who stops for gas at a petrol station in Manila.
Photo by King Rodriguez for the Daily Tribune.
Motorists can expect a rollback in fuel prices next week following a price increase earlier this week, according to the Department of Energy’s Oil Management Bureau Director Rodela Romero.
In a mobile message, Romero said that based on the four-day trading in the international oil market, gasoline prices are projected to decrease by P0.70 to P1.00 per liter, diesel by P0.65 to P0.95 per liter, and kerosene by P0.70 to P0.80 per liter.
She said the anticipated rollback is driven by several factors, including the decision of OPEC+ to lower its oil demand forecasts for the fourth time, signaling weaker consumption expectations globally.
Additionally, the U.S. Energy Information Administration trimmed its 2025 crude price forecast by $1.53 per barrel due to the potential for higher global oil production.
The weak performance of China’s economy also played a significant role, with investors maintaining a pessimistic outlook on the country’s oil demand.
Oil companies are expected to confirm the final price adjustments over the weekend, with the new prices taking effect early next week.
This week, fuel retailers implemented the following price adjustments: an increase of P2.10 per liter for diesel, P1.50 per liter for gasoline, and P1.20 per liter for kerosene. It marked the third consecutive week of price increases.
