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Fuel prices are down in March, and with St. Patrick's Day ahead, motorists are hoping for a bit of luck with further price drops.
Based on the four-day trading in Mean of Platts Singapore (MOPS) and the foreign exchange (forex) average, gasoline may continue to drop by around ₱0.10 to ₱0.40 per liter, while diesel could have a ₱0.20 to ₱0.60 rollback next week.
Kerosene may also follow the price-slash trend, as it could potentially slow down by around ₱0.30 to ₱0.60 per liter.
Analysts attributed these possible downward fuel price movements to current developments in the oil market, as the Department of Energy’s (DOE) Oil Industry Management Bureau (OIMB) cited that there are “growing signs that the United States (US) and global economies are struggling.”
According to OIMB Director Rodela Romero, this economic slowdown may have a direct impact on fuel demand, while also seeing an oversupply in coming months.
Jetti Petroleum also noted that prices won’t have a dramatic drop, as Jetti President Leo Bellas mentioned, “The weaker US dollar and data that showed tighter-than-expected US oil and fuel inventories have helped prices from sliding down further.”
If these projections are realized by Tuesday next week, motorists will experience a third consecutive week of fuel price drops.
Earlier this week, gasoline prices leveled down by ₱1.70 per liter, diesel dropped by ₱0.90 per liter, and kerosene by ₱1.80.
Based on the DOE’s average pricing for fuel in Metro Manila, gasoline weighed at around ₱58.65 to ₱73.65 per liter, while diesel was around ₱54.60 to ₱59.30.
