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Motorists can expect a significant relief at the pump, with analysts projecting the year’s first three-peso rollback in fuel prices.
Based on the four-day trading Mean of Platts Singapore (MOPS), gasoline is anticipated to drop by around ₱3.30 to ₱4 per liter, while diesel could get a price slash of ₱2.90 to ₱3.40 per liter.
Kerosene is also seen to go down by ₱3.40 to ₱3.75.
Last week, prices for gasoline in Metro Manila ranged from ₱61.25 to ₱71.48 per liter, while diesel was at around ₱53.10 to ₱56.10 per liter.
The common price for kerosene last week stood at ₱71.87 per liter.
Worries of a potential global recession may have caused next week’s price projection, as the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) attributed the rising economic friction between the United States (US) and China.
According to Rodela Romero, OIMB director, the escalating trade tensions between the two countries could result in “fear of recession and reduce demand for crude oil.”
Aside from this, Middle Eastern movements are weighing in with possible price cuts.
“Saudi Arabia is expected to cut by May its official selling price for Asia-bound crude,” Romero added.
With surprising fuel price rollbacks expected next week, Jetti Petroleum noted that further price drops may be limited due to weaker demand.
“In the short term, the growing risk of weakening demand and rising production from OPEC+ could hinder a major rebound in oil prices,” Jetti president Leo Bellas elaborated.
Oil-producing nations are anticipated to raise their output by next month from 135,000 barrels per day (BPD) to 441,000 BPD.
If the price projection is realized, this would be the second rollback experienced in April.
