Finally, after more than a month of continuous oil price increases, motorists especially diesel consumers will be glad to know that the trend is finally taking a break.
Diesel prices are expected to decrease by 0.70 to 0.90 centavos per liter next week. Gasoline prices, on the other hand, may either remain unchanged or see a slight 0.10 centavos increase per liter. Kerosene is also projected to get a price rollback of 0.50 to 0.70 centavos per liter, according to industry estimates.
While geopolitical tensions, particularly between Ukraine and Russia, continue to affect global oil markets, experts believe that next week’s expected rollback is primarily due to an anticipated oversupply of fuel worldwide as demand weakens.
Oil companies are expected to announce their final price adjustments on Monday, which will take effect the following day, early Tuesday morning.
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