Oil Prices Drop Despite Middle East Tensions, Fuel Rollback Expected Next Week here in the Philippines

Global oil prices continued to move lower despite tensions in the Middle East and a sudden shift in the market during the last trading day. The decline could give Filipino motorists some relief, with another fuel price rollback expected next week.

The Department of Energy (DOE) may call for a reduction in the prices of gasoline, diesel and kerosene based on the latest movements in the international oil market. The projected adjustments could reach several pesos per liter across or if we are lucky, it could go as high as five pesos a liter on all three major fuel products.

Local oil companies are expected to announce their respective price adjustments on Monday after the final trading data is evaluated. The new prices are then expected to take effect on Tuesday, following the country’s usual weekly fuel price adjustment schedule.

The potential rollback comes as welcome news for motorists and businesses after recent fluctuations in fuel prices. However, the continuing tensions in the Middle East remain a major risk to the global oil market, and any sudden change in the situation could quickly push prices higher again.

For now, motorists will have to wait for Monday’s announcements to see just how much fuel prices will drop at the pump.