Motorists may get some relief at the pumps next week as global oil prices continue to ease, driven by expectations of ample supply and soft demand.
Oil prices edged lower this week as markets weighed the possibility of higher crude output from Venezuela. Traders are also watching policy signals from OPEC+ and any efforts by the group to stabilize prices.
These developments affected the Mean of Platts Singapore (MOPS) trading over the past four days and are expected to translate into lower domestic fuel prices, according to Rodela Romero, director of the Oil Industry Management Bureau.
Based on current estimates, she said in a mobile message that gasoline prices may go down by about P0.40 per liter, diesel by around P0.50 per liter, and kerosene by roughly P0.25 per liter.
Romero said the estimates do not yet include oil companies’ operating costs and other premiums, adding that the final adjustments will be determined after trading today.
This week, diesel rose by P0.20 per liter and kerosene by P0.10 per liter, while gasoline dropped by P0.10 per liter.