Fuel prices down on oversupply fears
(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
Relief is on the way for motorists as fuel prices are set to dip this week, breaking a two-week streak of increases.
Starting tomorrow, fuel retailers will slash prices by P0.55 per liter for gasoline, P0.65 for diesel, and P0.90 for kerosene.
According to the Department of Energy (DOE), the rollback is driven by signs of oversupply and weakening global demand.
“The (rollback) is attributed to concerns about oversupply in the global market,” DOE’s Oil Industry Management Bureau Director Rodela Romero said in a text message to the DAILY TRIBUNE.
Romero also pointed to a rise in US crude inventories by 800,000 barrels last week and possible output increases from Saudi Arabia.
She added that uncertain US trade policies continue to cloud global economic prospects and fuel demand.
Last week, oil companies implemented a price hike of P1.35 per liter for gasoline, P0.80 for diesel, and P0.70 for kerosene.
Since the start of the year until 29 April, gasoline and diesel have each posted a net increase of P3.65 per liter, while kerosene has logged a net decrease of P1.10 per liter.