Oil prices forecast to slightly drop next week

ABS-CBN News

Posted at Oct 01 2022 11:53 AM

Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks. George Calvelo, ABS-CBN News
Motorists line up to buy fuel at a gas station in Mandaluyong City on March 22, 2022. Oil firms implemented price rollbacks today after price hikes the last 11 weeks. George Calvelo, ABS-CBN News

MANILA — Oil prices will slightly drop next week – a fifth straight week of rollbacks – according to industry experts. 

Diesel prices will slide by P0.50 to P0.80 per liter. 

Gasoline prices will drop by P0.40 to P0.60 per liter, while kerosene will have the biggest drop at P1.10 to P1.20. 

The rollback could have been larger if the peso value hasn't been weaker over the US dollar over the past few weeks, as the Philippines' oil products are all imported. 

"Komo imported ang binibili natin so nangangailangan po tayo ng dolyar e nagkataon po ngayon na mataas ang dolyar so mas maraming peso ang kailanganin po natin para makabili tayo ng petroleum products na imported," Energy Director Rodela Romero said. 

The peso weakened to an all-time low P58.99 against the dollar last Tuesday, data from the Bankers Association of the Philippines showed.

Last Friday, it closed at P58.62, but experts previously warned that could still drop over next few months. 

– Report from Alvin Elchico, ABS-CBN News