After experiencing mixed fuel price adjustments over several weeks, motorists will be happy to know that next week's price movement will see both gasoline and diesel become more affordable.
According to estimates released by PH Fuel Watch, gasoline prices are estimated to go down by PHP 1.00 per liter. On the other hand, diesel fuel is expected to become cheaper by PHP 1.90 per liter next Tuesday.
Should the estimated price decrease happen next week, it will undo this week's PHP 0.90 per liter increase for gasoline while diesel will continue to experience a downward trend. There are no estimates yet for the rollback of kerosene next week.
The expected rollback in fuel prices next week can be attributed to several factors. According to a report by Reuters, oil prices fell due to the uptick in active cases in China as well as the feared hike of U.S. interest rates. Currently, the price of Brent crude oil is hovering around USD 90 per barrel. This is around USD 3 cheaper compared to yesterday's prices.
While China's new daily infections are relatively low compared to global standards, the PRC's zero-case policy means the country continues to impose strict restrictions which are lowering fuel demand in the country.
With prices expected to go down next week, motorists who still have fuel left in the tank will be glad to know they don't need to visit a filling station just yet.