In case you’re thinking of filling up this coming weekend, you might want to wait until November 29, 2022. That’s because another fuel price rollback is expected to happen next week. You read it right, fuel prices will once again be going down which is surprising given that prices usually go up around this time of the year.
Based on current estimates by an oil industry expert, gasoline prices could fall between PHP 1.10 to 1.30 per liter. Meanwhile, diesel motorists will be happy to know that prices next week could roll back between PHP 3.70 to PHP 3.90 per liter.
Should these estimated figures take effect, this will serve as the second consecutive week oil prices will fall. Just this week, gas prices fell PHP 0.40 per liter while diesel went down PHP 2.10 per liter.
Currently, the price of Brent crude oil is hovering around USD 85 per barrel. The recent downtrend of crude oil can be attributed to several factors.
According to a report by Reuters, there was a bigger-than-expected build in US gasoline inventories. Meanwhile, China’s strict zero-case policy continues to lower global fuel demand. Last but not least, the Thanksgiving holiday in the US meant trading volumes were thin.
If you’re planning to fill up your fuel tanks soon, it’s better to wait until oil players impose the expected rollback on November 29 next week.