MOTORISTS may expect significant rollbacks in fuel prices next week, with gasoline prices projected to drop by as much as P14 per liter, the Department of Energy (DOE) said Friday, November 6.
DOE Oil Industry Management Bureau director Rino Abad, in an interview with Super Radyo dzBB, said that based on the first four days of trading this week, the estimated price adjustments are as follows:
* gasoline: rollback of around P14 per liter
* diesel: rollback of around P5 per liter
* kerosene: rollback of around P5.20 per liter
Abad attributed the projected price reductions primarily to developments following the United States midterm elections, which raised the possibility that the opposition party could gain control of Congress.
He said the election results appeared to have weakened expectations that the administration of US President Donald Trump would be able to pursue its policies without significant opposition.
There are also expectations of a possible end to the US-Iran conflict, which eased concerns over potential disruptions to global oil supplies.
However, Abad cautioned that the decline in oil prices may not be sustained unless it is supported by an actual recovery in physical oil supply. (GMA News)
