Both gasoline and diesel might receive a decrease in price
This week's oil price hike saw diesel become more expensive than gasoline again. While gasoline saw an increase of PHP 1.40 per liter, diesel was slapped with a PHP 6.10 increase, much to the dismay of motorists.
With another week coming to a close, the public is curious about what will be next week's price adjustments. Fortunately, the Department of Energy-Oil Industry Management Bureau (DOE-OIMB) recently shared that oil prices might go down next week.
Based on current estimates, gasoline prices might roll back between PHP 2.00 to PHP 2.50 per liter. Meanwhile, diesel and kerosene prices might go down by over PHP 1 per liter. It may not be as much, but every price cut counts since we have still yet to go back to pre-2022 fuel price levels.
Currently, the price of Brent crude oil is at USD 93 per barrel. While still relatively high, it has continued to see a downward trend amidst increased worry of a global recession. Moreover, there have been renewed restrictions in China in order to curb the rise of active cases in the country.
With fuel prices still not returning to normal levels, the prospect of another price rollback will mean good news for motorists next week. Hopefully, fuel prices will continue to go down in the coming weeks and months.
Source: GMA News