Philstar
Fuel price cut set next week
Fuel prices are expected to decrease next week, with gasoline potentially rolling back by P0.25 to P0.70 per liter, diesel by P0.30 to P0.80 per liter, and kerosene by P0.50 to P0.70 per liter.
The Department of Energy's Oil Industry Management Bureau (OIMB) attributes this rollback to an oversupply in the international market, citing increased US crude inventories by 0.8 million barrels last week.
There are also indications that Saudi Arabia may increase its output to expand market share, according to OIMB director Rodela Romero.
Concerns over erratic tariff policies and a potential global economic slowdown are also contributing factors, as these could weaken fuel demand.
Jetti Petroleum's president Leo Bellas noted that the decline in oil prices is due to the global trade war eroding fuel demand outlook and escalating oversupply risks from OPEC+'s unwinding of output cuts.
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