Pump prices going down again next week

MANILA, Philippines — The upcoming week will see another round of fuel price cuts, with diesel and kerosene expected to drop by over P1 per liter.

The Department of Energy (DOE) has signaled potential per-liter price rollbacks of P0.30 to P0.70 for gasoline, P1 to P1.35 for diesel and P1.30 to P1.45 for kerosene.

The estimates were based on the four-day trading in the international oil market.

Oversupply concerns continued to pull down prices following the decision of OPEC+ to hike oil production, DOE-Oil Industry Management Bureau assistant director Rodela Romero said.

Similarly, uncertainties over the imposition of US tariffs on key trading partners also weighed down oil prices, as such a move could dampen fuel demand.

Also exerting downward pressure on prices, Romero said, were concerns about the outcome of trade talks between the US and China, the world’s largest oil consumers.

This followed several reports about the planned meeting between top US trade officials and their Chinese counterparts in Switzerland this weekend.

Yesterday’s trading would determine the final price adjustments, which will be announced on Monday and take effect the following day.

Last Tuesday, oil companies slashed gasoline, diesel and kerosene prices by P0.55, P0.65 and P0.90 per liter, respectively.