DOE says big-time rollback is happening, according to reports
Still got fuel left in the tank for the weekend? You might want to be as efficient as you can be until Tuesday.
For the second consecutive week, oil prices in the country are expected to roll back. And yes, even gasoline will likely have its price slashed for the coming week.
Based on today's trading of the Mean of Platts Singapore (MOPS), there is indeed a decreasing trend in oil prices in the world market. That is due to the OPEC+ countries ramping up oil production. There's also the fact that there's a looming threat of a global recession that could send oil demand plummeting, which investors fear could happen if prices continue to increase.
As of now, there are no exact figures yet on how much fuel prices will roll back. But based on rough estimates from various sources, we could see diesel and gasoline prices slashed next week between PHP 4 to 6 per liter. This means that next week's rollback could easily undo the last four weeks of consecutive price hikes, especially for gasoline.
Let's hope this trend continues, so we won't have to look at gas prices like they're FM radio frequencies. Or the grades of an honor student.