DOE expects drop in pump prices next week

ABS-CBN News

Posted at Nov 25 2022 12:22 PM | Updated as of Nov 25 2022 12:50 PM

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News
Motorists queue for fuel at a gas station in Pasig City on October 10, 2022. Mark Demayo, ABS-CBN News

MANILA - Prices of petroleum products are expected to drop again next week, the Department of Energy said on Friday. 

Oil Management Bureau Assistant Director Rodela Romero said this was because of the COVID-19 surge in China and the industry's price cap on Russian crude.

The United States' fuel inventory also increased, Romero noted, which means that "fuel demand is low."

Here are the estimated rollbacks for next week, according to the official:

  • Gasoline - P1 - P1.20 
  • Diesel - P3.50 - P3.70 
  • Kerosene - P2.20 - P2.40 

Romero allayed consumers' fears that prices of petroleum products will rise in the coming weeks, given the trend. 

"Wala tayong control doon (prices), yung presyo talaga market-based siya, kung ano 'yung nangyayari sa international market katulad ng... factors na makakaapekto para tumaas... o humatak pababa," she said during a televised briefing. 

(We do not have control of these. The prices are market-based so whatever happens in the international market, it can either increase or decrease.)

"Hopefully, hindi man maganda ang kadahilanan ng pagbaba, ma-sustain 'yun para magtuloy-tuloy 'yung nararanasan nating rollback," she added. 

(Hopefully that while the reasons for the price rollback are not good, these prices will be sustained so there could be more rollbacks.)

Video from PTV​