Still can't believe fuel prices are going down? We have more good news for motorists as there will be another round of rollbacks next week.
Based on estimates posted by PH Fuel Watch this morning, diesel prices could decrease by PHP 1.89. Meanwhile, gasoline could be slashed by PHP 4.35 per liter. Should these price cuts happen next week, it will greatly reduce gasoline prices by PHP 10.05 while diesel prices will go down further by PHP 7.99 after weeks of non-stop price hikes.
Why are fuel prices continuing to go down? Similar to last week's announcement, OPEC+ countries continue to ramp up oil production. There's also the looming threat of a global recession which might plummet oil demand if prices continue to go up.
Lastly, inflation is still at an all-time high not just in the Philippines, but in other countries as well. Perhaps now is the right time to look into EVs and other modes of transportation that doesn't rely on fossil fuel.
While the price of diesel and gasoline is still relatively high, the fact that there will be another set of rollbacks means pump prices might continue to go down through the next few months. Does this mean prices are set to return to normal levels soon? Let's hope that becomes the case.