More fuel price rollbacks expected next week
Price cuts for gasoline, diesel and kerosene may extend into next week as fuel prices in the world market continue to drop.
Fuel price rollbacks may continue into the following week as global fuel prices remain in decline, according to industry insiders. Kerosene prices are projected to fall by P6.00 per liter, as determined by the Mean of Platts Singapore trading over a three-day period. Although tensions near the Strait of Hormuz have caused crude oil prices to rise marginally, the peso's weakening against the US dollar has counterbalanced some of this increase. The Philippine peso opened at P63.7 on November 13, inching closer to the P64 level.
Last week, fuel prices experienced a significant drop, with gasoline seeing the most substantial reduction of P16.80 per liter. Additionally, several liquefied petroleum gas (LPG) companies adjusted their prices downward ahead of their regular monthly adjustments, responding to lower contract prices. On November 11, the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) reaffirmed its dedication to safeguarding the peso's purchasing power as fuel prices contribute to inflation in the country.
The central bank is scheduled to meet on December 17 for its final monetary policy meeting of the year, which may further influence fuel prices and the overall economic landscape in the nation.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
