More fuel price reductions, such as Php3.50 to Php3.70 on the price per liter of diesel, can be anticipated next week, according to the Oil and Industry Management Bureau (OIMB) of the energy department.
During a Laging Handa public briefing, Department of Energy (DOE) OIMB assistant director Rodela Romero stated that it is anticipated that oil companies will reduce the price of kerosene per liter by Php2.20 to approximately Php2.30, and the price of gasoline will decrease by Php1 to approximately Php1.20 per liter.
Romero noted that the foreseeable drop in fuel prices was largely due to the surge in the number of cases of COVID in mainland China, which has reached roughly 28,000 per day, compared to the previous week’s total of 23,000.
She said the next reason was that the U.S. increased its fuel inventory, and that the was a cap given to the Russian crude.
“Nag-react ang merkado [kaya] magkakaroon ng rollback next week,” Romero said.
As of November 22, fuel companies decreased the price of diesel by P2.15 per liter, the price of gasoline by P0.40 per liter, and the price of kerosene by P2.10 per liter.
This brought the year-to-date total adjustments to P18.15 per liter for gasoline, P36 per liter for diesel, and P29.95 per liter for kerosene. To date, the total adjustments for the year have been P18.15 per liter for gasoline, P36 per liter for diesel, and P29.95 per liter