Don't fill up your fuel tanks just yet and drive as efficiently as possible as another significant rollback is expected to happen next week. This will further undo the high fuel prices that have plagued motorists and public transportation for months since the war in Europe.
But unlike this week's fuel price adjustments which saw diesel go down and gasoline go up, we can expect both gasoline and diesel prices to roll back. Starting with diesel, it could receive a price cut of PHP 1.70 to PHP 2.00 per liter. As for gasoline, it's expected to roll back PHP 1.50 to PHP 1.80 per liter.
The projected pump price adjustments are based on current estimates by the Mean of Platts Singapore (MOPS) and are still subject to change depending on trade movement. As to why pump prices will once again be going down, the global crude market continues to feel the tightening of the recent monetary policy the US Federal put into effect last month.
With inflation still on the rise across the globe, the US Federal Reserve increased its policy rate by 0.75% in order to help tame it. With borrowing rates now higher, this could result in businesses and consumers spending less amidst higher interest rates. There's also the fear of a global recession that could become widespread.
If you're planning on gassing up this weekend, you might want to hold off for a while and take advantage of the big rollback next week.