Gas Stations to Impose Big-Time Oil Price Rollback Next Week
FUEL PRICE UPDATE – A big-time oil price rollback is expected for diesel and kerosene on the first week of December.
Motorists may soon feel some relief as fuel prices are expected to move significantly next week, especially for diesel and kerosene.
Based on early trading results from the international oil market, both products are expected to see a huge rollback once price adjustments take effect in the first week of December. Gasoline, however, may only experience a slight change.
According to recent monitoring of the Mean of Platts Singapore, diesel and kerosene could go down by around P3 per liter. Gasoline prices, on the other hand, may either stay the same or decrease by a minimal amount.
Some industry estimates even suggest the possibility of a small increase, depending on final trading results and the additional costs considered by fuel companies. The expected drop in diesel prices is largely tied to a market correction as global crude oil values ease.
Another major factor is the projection of an oversupply next year. Global production is expected to increase, with oil-producing countries raising their output over the past months.
The change could result in millions of extra barrels entering the market each day, which naturally pulls prices down. Because of this, fuel experts believe price reductions may continue if these conditions hold.
Gasoline prices, meanwhile, are not expected to fall as much because premium and freight costs in Asia remain elevated. This keeps gasoline rates more stable despite the easing of crude prices.
Oil companies will announce the official
price adjustments
This is a developing report, just visit this website regularly or refresh the page for further updates.