Fuel prices drop seen next week

FUEL prices were estimated to go down by about a peso next week due to recent developments in the Middle East, oil industry sources said Friday.

Gasoline and diesel prices were predicted to go down by P1.00 to P1.30 per liter.

Kerosene prices were expected to drop by about P1.20 to P1.35 per liter.

The projections were based on data from the four-day trading of Mean of Platts, Singapore, the pricing basis of refined goods in Southeast Asia.

The Department of Energy attributed the expected drop in fuel prices to positive developments in the Middle East, particularly within the Organization of the Petroleum Exporting Countries (OPEC).

«Fuel prices are expected to rollback next week based on relevant news that OPEC+ plans to boost output by 180,000 barrels per day in October, and because of the recovery of Libyan oil production,» Oil Industry Management Bureau Director Rodela Romero said.

«In addition the recent sluggish oil demand from China and US also contributed to the reduction in prices for next week as well,» she added.

On September 3, local oil companies implemented price increases on all fuel products after gasoline prices went up by P0.50 per liter, diesel by P0.30 per liter, and kerosene P0.70 per liter.