The Department of Energy (DOE) announced on Friday that motorists should prepare for divergent trends in fuel prices next week, with substantial rollbacks expected for diesel and kerosene alongside a slight hike in gasoline costs.
Early estimates based on the first four days of trading in the Mean of Platts Singapore (MOPS) suggest that diesel prices could plunge by as much as ₱9 per liter, while kerosene may see an even steeper decline of ₱12 per liter. Conversely, gasoline prices are projected to rise by approximately ₱1.60 to ₱1.70 per liter.
Rino Abad, director of the DOE’s Oil Industry Management Bureau, attributed the cooling prices to the stabilization of the global market following the geopolitical volatility in the Middle East earlier this year.
He noted that international crude is currently trading between $70 and $95 per barrel, slowly moving back toward the historical norm of $55 to $65 per barrel.
“Medyo elevated pa, pero hindi na malayo,” Abad said in a radio interview.
The official noted that while current figures remain high, the market is gradually correcting itself as supply tensions ease.