Gas prices could hit below PHP 60 per liter next week

Yesterday, we reported that we can expect gasoline and diesel prices to go down for the fourth consecutive time next week. Based on estimates by the Mean of Platts Singapore (MOPS) via PH Fuel Watch, diesel is estimated to roll back PHP 2.46 per liter while gasoline could go down by PHP 1.20 per liter.

Today, we're happy to report that the current estimates for next week's rollback have become bigger. According to an oil industry expert, diesel prices could go down between PHP 3.00 to 3.30 per liter. Meanwhile, gasoline prices are expected to roll back between PHP 1.40 to 1.70 per liter.

Should these estimates translate into actual figures, we could see certain filling stations sell gasoline for less than PHP 60 per liter on December 13, 2022, depending on the location. On the other hand, the price of diesel in select stations could match the prices of gasoline products.

Currently, the price of Brent crude oil per barrel is hovering around USD 76 which is slightly lower compared to yesterday's price. Combined with the fact that a global economic slowdown could further cut fuel demand, the price of fuel may still continue to go down.

With the holiday rush in full swing, the continued lowering of fuel prices is a welcome sign indeed, especially with traffic in the metro becoming heavier by the week.

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