Fuel prices to drop for second week on supply boost
(FILE PHOTO) A gasoline attendant, his movements swift and focused, fills the tank of a truck in Quezon City on Tuesday. The steady rise in fuel prices casts a heavy shadow over the routine task, as the cost climbs with each click of the nozzle, adding to the mounting financial strain felt across the city.
PHOTOGRAPH BY ARAM JAN LASCANO FOR THE DAILY TRIBUNE
Consumers can expect a second week of lower pump prices as global oil prices decline due to rising US crude stockpiles and OPEC+ plans to increase production, according to industry estimates.
“Based on the four-day trading in MOPS (Mean of Platts Singapore), we will be experiencing a rollback in the prices of petroleum products by next week,” Department of Energy Oil Industry Management Bureau Director Rodela Romero said in a text message to DAILY TRIBUNE.
Romero attributed the expected rollback to the buildup of US commercial crude stockpiles, OPEC+’s decision to raise output by April, and US trade tariffs on Canada, China, and Mexico that have escalated trade tensions.
Initial estimates suggest gasoline prices may drop by around P1.40 to P1.70 per liter, while diesel could decrease by P0.90 to P1.20 per liter. Kerosene prices are projected to roll back by P1.50 to P1.70 per liter.
Jetti Petroleum President Leo Bellas, on the other hand, echoed that market movements are primarily driven by concerns over US trade tariffs and retaliatory measures that could dampen economic growth and fuel demand.
“The decision by OPEC+ to raise output starting April and the more-than-expected rise in US oil inventory further weighed on oil prices,” Bellas said.
Bellas’ forecast for next week indicates a rollback of P1.40 to P1.60 per liter for gasoline and P0.70 to P0.90 per liter for diesel.
Next week’s potential price reduction follows the rollback of P0.90 per liter for gasoline, P0.80 per liter for diesel, and P1.40 per liter for kerosene implemented this week.