Motorists may see a significant reduction in fuel prices next week, with gasoline potentially dropping by as much as ₱14 per liter, according to the Department of Energy (DOE).
Based on the department's initial estimate, diesel prices may also decrease by around ₱5 per liter, while kerosene could go down by approximately ₱5.20 per liter.
The projected rollback follows a sharp decline in global oil prices after the results of the United States midterm elections raised expectations that Washington could pursue efforts to end the conflict involving the United States and Iran.
Reuters reported that oil prices plunged by more than 8% on Wednesday, November 4, as investors anticipated that the election results could put pressure on US President Donald Trump to pursue negotiations and de-escalate the conflict. However, the prospects of a diplomatic settlement remain uncertain.
The projected domestic price adjustments are based on four days of trading in the international oil market and may still change following the final trading session on Friday, November 6.
Meanwhile, fuel prices in several gasoline stations in Pasay City ranged from ₱93.30 to ₱95.70 per liter for gasoline, while diesel was priced between ₱94.70 and ₱101.20 per liter, based on the latest monitoring.
The DOE's estimates remain preliminary. Oil companies are expected to announce the final adjustments on Monday, with the new prices typically taking effect on Tuesday.
