You might want to wait for a few days before fueling up, as reports indicate that oil prices are set to have a major rollback for the fourth straight week for diesel, gasoline, and kerosene by Tuesday.
According to the latest reports, the rollback for diesel will be around Php 2.60 to 2.90 per liter, while the rollback for gasoline and kerosene will be between Php 2.10 to 2.40 and Php 2.20 to 2.50 per liter respectively. Last week, gasoline prices went down by Php 1.50 per liter, while diesel and kerosene went down by Php 1.30 and Php 1.40 per liter respectively.
According to data from DOE, the year-to-date decrease for diesel is at Php 4.35 per liter, while the net decrease for kerosene is P 4.95 per liter. On the other hand, gasoline has net a year-to-date increase of Php 6.05 per liter.
“These movements are attributed to the cut in the Official Selling Price of Arab Light Crude Oil to Asia to compete with India’s and China’s eagerness to snap up cheap Russian Crude Oil, and the heightened concern about Chinese recovery with unexpected slowdown in manufacturing activity,” DOE director for Oil Industry Management Bureau Rodela Romero said in an interview.
