The Department of Energy says the run of steep fuel price increases will likely stop next week, with falling global trading prices driving the shift.
DOE Oil Industry Management Bureau Director Rino Abad cited Saudi Arabia loading about 14 million barrels of crude for export—more than Red Sea shipments—as a key factor. He said this supply push, plus reduced Middle East tensions and hopes for diplomatic talks, has cut global diesel prices by the equivalent of $17 per barrel over three days.
A local fuel executive, speaking anonymously, confirmed early trends point to a possible P7.98 per liter diesel rollback and P0.86 per liter gasoline cut next week if rates hold. Further drops could widen the reductions.
This week saw prices rise P4.88 per liter for gasoline, P8.82 for diesel, and P6.47 for kerosene. Three straight weeks of hikes added at least P15.17 to gasoline, P18.29 to diesel, and P16.60 to kerosene. As of September 18, total national fuel supply stood at 53.36 days, down from 56.18 days a week earlier.
