Motorists could have a bit of a sigh of relief as fuel prices are once again expected to go down this week. This follows the fuel price rollback that was implemented last week, which means that oil prices are set to decrease for the third straight week.
As of this writing, oil companies such as Unioil said that diesel is expected to go down by Php 1.80 to Php 2 per liter while gasoline is getting a slight decrease by Php 0.30 to Php 0.50. In comparison, the forecasted fuel price rollback for gasoline this week is not as significant compared to last week.
As a review, last July 19, gasoline prices in the Philippines went down by Php 5 per liter. Diesel prices, on the other hand, decreased by Php 2, which is not that far off in this week’s expected fuel price rollback.
Unioil’s projection is relatively similar to the projected rollback. In a report by Inquirer, diesel prices are expected to go down by Php 1.90 to Php 2.20 per liter while a decrease of Php 0.30 to Php 0.60 for gasoline.
The said price estimates are based on the average Mean of Platts Singapore (MOPS) trading from July 18 to July 22.
Meanwhile, Cleanfuel has already announced that it will be implementing a price adjustment, effective Tuesday, July 26, 2022 at 8:01 a.m.
Cleanfuel is set to reduce diesel prices by Php 1.85 per liter while it will slash off Php 0.40 per liter for gasoline.
Last week, Cleanfuel implemented a Php 5 per liter price drop for gasoline, and it also reduced diesel prices by Php 2.
Philippine fuel prices are influenced by global conditions. As previously reported, international markets cite fears of an economic recession as a reason for the recent rollback in oil prices. The rising COVID-19 cases in China also resulted in less demand for oil.
Get more of the latest fuel price updates on Philkotse.