Fuel prices to go down again next week

An oil company personnel refills a gas station from an oil tanker truck in manila on wednesday,On the first day of Lent, a season of self-sacrifice, oil companies imposed Wednesday a “big” fuelprice hike, with the price adjustment in some products breaching the P1 mark.The oil firms including Shell, Total, Chevron and Petron made their price hikes effective 6:01 a.m.Premium and regular gas had the biggest price hikes, ranging from P1.15 to P1.35 per liter. photo by: jessie laureta

MANILA, Philippines: Fuel prices are expected to go down again next week due to an increase in US crude inventories, a strong dollar and developments in the Middle East, according to the Department of Energy’s Oil Industry Management Bureau (DoE-OIMB) on Friday.

Gasoline, diesel and kerosene prices are expected to roll back by P2, P0.50 and P0.90 per liter respectively, according to oil industry sources.

The adjustments are based on the 4-day trading of Mean of Platts (MOPS) Singapore, the pricing basis for refined goods in Southeast Asia.

“The reason for next week’s movements are due to global developments which include the increase in US crude inventories; the strength of the dollar that downplayed expectations of lower interest rates this year; and lastly a report from Hamas Officials that accepted a new ceasefire proposal for Gaza,” DOE-OIMB Director Rodela Romero said.

Oil companies rolled back prices of gasoline, diesel and kerosene by P0.75, P0.90 and by P1.05 respectively last May 7.