The fuel price see-saw affair continues. We just saw the second-highest oil price increase this week for diesel. For next week though, fuel prices are expected to go down, but it's likely to favor gasoline fuel users more.
According to PH Fuel Watch, the Mean of Platts Singapore (MOPS) estimates this week are trending down, which means a rollback is expected to happen. Diesel might have a price cut of PHP 1.81 per liter, and gasoline might decrease by PHP 2.05 per liter on Tuesday, April 5.
While last week's estimates proved lower than the implemented price hike, we're hoping to have a higher rollback this time. China's fuel demand has slowed down following the nine-day lockdown imposed in Shanghai. This has had a huge effect on the prices of crude oil in the world market.
Furthermore, according to Reuters, International Energy Agency (IEA) member nations are looking to supplement the planned oil reserve release by the US. President Joseph Biden has announced that starting in May, the US Strategic Petroleum Reserve (SPR) will release 1 million barrels per day for six months.
The release adds to the planned increase of 432,000 barrels per day of OPEC+ for their May output. This would not only offset the deficit of the global oil supply but could also bring down oil prices.
As weekly price adjustments continue to be an unpredictable affair, how would you plan your fuel strategy? Let us know in the comments.