Fuel prices to go down next week by P5 for gasoline, and P12 for diesel

Motorists in the Philippines, get ready for a huge sigh of relief amidst some exponential fuel price increases. Driving around is getting quite expensive with fuel prices hitting up to P90 in some areas, and over that in others. The department of energy has even urged fuel companies to stagger their price changes in order to give motorists some breathing room. 

However, there is one silver lining in this cloud of high gas and diesel prices, and that comes in the form of a major fuel price rollback for next week. According to the Department of Energy (DOE) secretary, Alfonso Cusi, the barrels of oil from Dubai have gone down from $122.61 USD per barrel to just $104.79 USD per barrel over the past week. Should the trend continue, this could mean that prices could go down by P5 per liter for gasoline and about P12 per liter for diesel. 

It’s one step forward among many steps back for motorists in the country, but the price change at least reverses the price hike that happened this week, which left a lot of motorists with a hefty bill for a full tank of gas or diesel. 

Should the projections come true, perhaps it would be best to make the most out of your current tank of gas until next week. According to sources, fuel prices could still hover around the prices that fuel companies are currently charging for a while, and getting back to normal pricing isn’t expected anytime soon. Heck, it’s still not impossible for fuel prices to reach the three-digit mark, P100 per liter. 

Hopefully, the price per barrel of oil gets cheaper following this trend. The spike in prices are putting a strain on pretty much every industry in the country, so any price rollback is a huge plus. 

If you’re thinking of gassing up this week, try and hold it off until the next. Save some fuel now, and gas up later to reap the benefits of this rollback. With no end in sight for high fuel prices, motorists, businesses, and public transportation operators will just have to brace themselves with the rising (or already risen) cost of fuel. At least this rollback allows for a bit of breathing room. Hopefully fuel companies will also allow for more rollbacks and discounts to help Filipinos with their petroleum needs.