GOOD news, motorists! After a shockingly expensive adjustment to the prices of fuel products last week, we can expect a significant rollback come Tuesday.
Based on the monitoring of the Department of Energy – Oil Industry Management Bureau of the four-day trading in Mean of Platts Singapore, the estimated fuel price adjustment will be as follows:
- gasoline – ₱1 to ₱1.40 per liter
- diesel – ₱1.60 to ₱2.10 per liter
- kerosene – ₱2 to ₱2.20 per liter
According to DOE-OIMB Assistant Director Rodela Romero, the rollback comes after the announcement of US President Donald Trump earlier last week that Israel and Iran agreed on having a ceasefire. The ceasefire lessened the fear of a possible oil supply disruption.
It will be remembered that oil companies implemented a staggered oil price hike last Tuesday upon the request of DOE to lessen the burden of motorists. Gas prices jumped by a total of ₱3.50 per liter while diesel prices spiked by a whopping ₱5.20 per liter.
