Industry trends looking at possible rollback for next week
Heading out for the long weekend? Here's a bit of good news you could expect on your return trip next week.
Another set of price cuts on fuel products is being forecasted by our friends from PH Fuel Watch. According to trends based on the Mean of Platts Singapore, diesel prices could roll back by as much as PHP 0.94, while gasoline looks like it will have its own PHP 0.50 per liter rollback.
After the announcement regarding OPEC+'s oil production decrease drove prices up, recent trends have shown crude oil has settled below USD 100 per barrel. As of late, Brent crude is being traded at around USD 96.63 per barrel.
Pump prices were rolled back by PHP 1.10 per liter for diesel and PHP 0.35 for gasoline last Tuesday, October 25. However, it was merely a slight pinch to the cumulative increase of PHP 2.00 for gasoline and PHP 9.55 for diesel this October. Next week's forecasted price decrease should give a bit more reprieve for motorists from the painful back-to-back oil price hikes imposed recently.
As small as those rollbacks may be, the price adjustment will still go a long way, especially for cash-strapped motorists, who can enjoy the long weekend without worrying about paying more for fuel on their next top-up.