MOTORISTS could expect good news next week.
There is an expected reduction in the prices of all petroleum products next week based on the last four days of trading, according to a Department of Energy official.
Assistant Director Rodela Romero of the DOE’s Oil Industry Management Bureau said the expected reduction in gasoline prices would range from P1 to P1.20.
For diesel, it could be from P3.50 to P3.70, and for kerosene, P2.20 to P2.40.
Romero said the price reduction is good news, but the reason behind it is not so positive, as it is driven by lower demand due to the surge of COVID-19 cases in China.
“Ang isang primary reason, iyon pa ring surge ng COVID sa Mainland China,” she said at the Laging Handa briefing.
Cases in the mainland have risen from 23,000 to 28,000 per day, she noted.
Another reason for the expected reduction is the lower demand from the United States, as it had increased its fuel inventory, she said.
The third reason for the reduced price is the price cap on Russian crude.
Romero also said that based on the DOE’s monitoring of the depots, the Philippines’ oil supply is adequate.
“In fact, lahat ng produktong petrolyo halos more than one month ang ating supply o inventory stock,” she said.
She also said that even with the expected price reduction, Filipinos should still try to regulate their consumption of petroleum products.
“Bagama’t may rollback na inaasahan, pero hindi po natin alam kung ano ang mangyayari sa susunod dahil hindi po natin control iyong mga pangyayari sa international market,” she said.