Fifth consecutive oil price rollback expected next week

Last Tuesday saw the latest price movements of petroleum products in the country. Gasoline rolled back by PHP 1.25 and diesel prices were cut by PHP 1.65. Adding those in the price changes in the past three weeks, gasoline and diesel prices have already gone down by PHP 4.70 and PHP 8.40 per liter, respectively.

While rollbacks will always be good news for motorists, many are worried that these consecutive price cuts may only be setting us up for a major oil price hike in the coming weeks, as we've seen earlier in the year.

Fuel prices forecasted to go further down next week image

However, the latest forecast from our friends at PH Fuel Watch may put those worries to rest in the meantime, as another round of rollback is expected to happen next week. Their current estimates from the Mean of Platts Singapore (MOPS) show diesel prices could go down a further PHP 0.70 per liter, while gasoline rollback is estimated at around PHP 0.80 per liter.

The final numbers will still depend on the results of the last trading day in the world market. And since USD to PHP is settling slightly lower than last week's exchange rates, a rollback for the fifth consecutive week is looking good for next Tuesday.

In case you're heading out for a trip this weekend, then there's a good reason not to worry about paying more on your next top-up.

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