Motorists can expect a slight rollback in fuel prices before the end of January following three consecutive weekly price increases.
Data from the four-day trading averages of Platts Singapore (MOPS) showed that gasoline prices are expected to decrease by P0.70 to P1 next week.
Diesel could drop by P0.20 to P0.55 next week while kerosene prices might also fall by P0.40 to P0.50.
The Department of Energy – Oil Industry Management Bureau (DOE-OIMB) attributed the possible rollbacks to the market shifts in the United States on the back of the reopening of refineries and ports in the US Gulf Coast.
“[The] market considers how US president Donald Trump’s proposed tariffs could affect global economic growth and demand for energy,” DOE-OIMB Director Rodela Romero said.
The DOE-OIMB said that the final price adjustments will be determined after today’s trading on January 24, taking into account the operating expenses of the oil companies. (TCSP)
