Another round of fuel price rollback awaits motorists tomorrow, September 27.
Oil companies have announced they are implementing a PHP 1.65 per liter price cut on gasoline, while diesel will roll back by PHP 1.25. On the other hand, the price of kerosene will also drop by PHP 1.35 per liter.
This will be the fourth straight week that fuel prices have gone down, dropping a few more centavos from last Friday's forecast. Oil players such as Shell, CleanFuel, Petro Gazz, and Seaoil have already announced their price advisories, with CleanFuel making the changes effective tomorrow at 12:01 AM. We can expect other stations to drop fuel prices once they make their advisories later in the day.
Despite the continued weakening of the Philippine Peso vs. the US Dollar, the rollback is due to the benchmark crude oil prices dropping further in the world market. Traders are growing increasingly worried that the world is heading, or is already in recession.
While the global supply of oil remains tight, demand for fuel is also weak due to the frequent lockdowns imposed in China. The strengthening of the US dollar is also reducing demand for the commodity, pushing prices further down.
So if you still have plenty left in the tank to last, at least, until tomorrow, better wait before heading for your nearest filling station to get more out of your next top-up.