Fuel prices expected to roll back this week

According to the Department of Energy (DOE), fuel prices are expected to roll back by Tuesday. Specifically, we might see a drop of Php 1 to Php 1.20 per liter for gasoline. Diesel might see a price cut of Php 3.50 to Php 3.70 per liter. Kerosene, meanwhile, might also see a price reduction of Php 2.20 to Php 2.40 per liter. 

With this rollback, things are looking great for Pinoy motorists 

Those figures above were provided by the Department of Energy (DOE) Oil Industry Management Bureau. In turn, they based those numbers from the Mean of Platts Singapore (MOPS).  

Pilipinas Shell’s own projected price rollback also lines up with the DOE’s price forecast, albeit their figures are a bit more conservative for gasoline, with a predicted price cut of Php 0.85 per liter. Meanwhile, the company’s prediction for diesel is a bit more optimistic, with a possible price rollback by Php 3.95. Kerosene in turn might roll back by as much as Php 2.65.  

Cleanfuel’s own fuel price advisories in turn, mirror the figures provided by Pilipinas Shell.  

If you’re one of the many who have been keeping up with fuel price fluctuations, then you’ll know that this has been affecting the country for the better part of this year. There are many factors that cause this, the biggest of which are still the COVID-19 pandemic and the war in Ukraine. 

The fuel price advisory from Cleanfuel

In connection to the latest predicted fuel price rollback, many sources are attributing this to another surge in COVID-19 cases in China. There’s also the fact that China has had one of the most restrictive COVID-19 strategies in the world.  

Further compounding China’s situation is the fact that it is also one of the largest petroleum product consumers due to the size of its industry. That’s on top of the fact that there’s a fuel price cap on Russian crude right now. The United States has also seen an increase in fuel stocks, further driving demand down. 

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